Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty 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.

Other information:

1.		For each year presented, sales are $2,820 and operating expenses are $900.
2.		Swifty provides two years of financial statements. Earnings per share information is not required.

a) Prepare income statements under LIFO for 2015, 2016, and 2017.

b) Prepare income statements under FIFO for 2015, 2016, and 2017.

c) Prepare income statements reflecting the retrospective application of the accounting change from the LIFO method to the FIFO method for 2017 and 2016.

d) Prepare comparative retained earnings statements for 2016 and 2017 under FIFO.