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. Inventory Determined by Cost of Goods Sold Determined by LIFO Method FIFO Method LIFO Method FIFO Method January 1, 2018 $0 $0 $0 $0 December 31, 2018 110 810 912 December 31, 2019 210 220 1.050 938 December 31, 2020 310 410 1,090 Date 1.180 Retained earnings reported under LIFO are as follows. December 31, 2018 December 31, 2019 December 31, 2020 Retained Earnings Balance $1,110 1.980 2.720 Other information: 1. 2. For each year presented, sales are $2,820 and operating expenses are $900. Skysong provides two years of financial statements. Earnings per share information is not required. Prepare income statements under LIFO for 2018, 2019 and 2020. SKYSONG CO. Income Statement For the Year Ended December 31 LIFO 2018 2019 2020 $ S > $ $ $ $