Skysong Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Skysong had used the LIFO method for financial reporting since its inception on January 1,2018, and had maintained records adequate to apply the FIFO method retrospectively. Skysong concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost of goods sold. Income taxes are ignored. Retained earnings reported under LIFO are as follows. Other information 1. For eachyear presented, sales are $2,740 and operating expenses are $1,070. 2. Skyscog provides two years of financial statements. Farnings per share information is not required. Prepare income statements under UFO for 2018, 2019, and 2020. SKYSONG CO. Income Statement For the Year Ended December 31