Taveras Co. decides at the beginning of 2014 to adopt the FIFO method of inventory valuation. Taveras had used the LIFO method for financial reporting since its inception on January 1, 2012, and had maintained records adequate to apply the FIFO method retrospectively. Taveras concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The table presents the effects of the change in accounting principle on inventory and cost of goods sold.

		Inventory Determined by				Cost of Goods Sold Determined by
Date		LIFO Method		FIFO Method		LIFO Method		FIFO Method
January 1, 2012		$ 0		$ 0		$ 0		$ 0
December 31, 2012		100		80		800		820
December 31, 2013		200		240		1,000		940
December 31, 2014		320		390		1,130		1,100

Retained earnings reported under LIFO are as follows.

		Retained Earnings Balance
December 31, 2012		$1,200
December 31, 2013		2,200
December 31, 2014		3,070

Other information:

1.		For each year presented, sales are $3,000 and operating expenses are $1,000.
2.		Taveras provides two years of financial statements. Earnings per share information is not required.

(Question ) Prepare comparative retained earnings statements for 2013 and 2014 under FIFO.