I NEED HELP PLEASE

Tamarisk Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Tamarisk 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. Tamarisk 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. Date January 1, 2018 December 31, 2018 December 31, 2019 December 31, 2020 Inventory Determined by LIFO Method FIFO Method $0 $0 100 8 Cost of Goods Sold Determined by LIFO Method FIFO Method $0 $0 880 972 180 210 900 778 290 360 1.030 990 Retained earnings reported under LIFO are as follows. December 31, 2018 December 31, 2019 December 31, 2020 Retained Earnings Balance $850 1,680 2,380 Other information: 1. For each year presented, sales are $2,780 and operating expenses are $1,050. Tamarisk provides two years of financial statements. Earnings per share information is not required. 2. (a) Prepare income statements under LIFO for 2018, 2019, and 2020. TAMARISK CO. Income Statement For the Year Ended December 31 LIFO 2018 2019 2020 $ $ $ $ $ $ Prepare income statements under FIFO for 2018, 2019, and 2020. TAMARISK CO. Income Statement For the Year Ended December 31 FIFO 2018 2019 2020 $ ta $