Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The companys interim income statements as originally reported under the LIFO method follow: 2019 2020 1stQ 2ndQ 3rdQ 4thQ 1stQ Sales $ 32,000 $ 34,000 $ 36,000 $ 38,000 $ 40,000 Cost of goods sold (LIFO) 6,200 7,200 8,000 9,200 10,700 Operating expenses 4,200 4,400 4,800 5,200 5,400 Income before income taxes $ 21,600 $ 22,400 $ 23,200 $ 23,600 $ 23,900 Income taxes (25%) 5,400