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Hilton Corporation began operations on 1-1-2012. Hilton used the last-in-first-out (LIFO) inventory costing method from 1-1-2012...

Hilton Corporation began operations on 1-1-2012. Hilton used the last-in-first-out (LIFO) inventory costing method from 1-1-2012 through 12-31-2014. Presented below are effects of using LIFO for 2014 and earlier years.

Year

2012

2013

2014

Cost of goods sold (CGS) – LIFO

900

1,000

1,100

Net Income - LIFO

500

650

880

As of 12-31

2012

2013

2014

Retained Earnings based on LIFO

500

1,400

2,300

Inventory based on LIFO

100

225

500

Hilton Corporation changed its inventory costing method from LIFO to the first-in-first-out (FIFO) as of 1-1-2015. Presented below are effects of using FIFO for 2014 and earlier years.

As of 12-31

2012

2013

2014

Inventory based on FIFO

120

285

590

When Hilton issued its 2015 financial statements, it elected to provide comparative statements from the three previous years, i.e., 2012, 2013 and 2014. The change will be accounted for using the retrospective approach.

Required

When the 2015 financial statements are issued in April of 2016, what will be the comparative retained earnings from the 12-31-2013 balance sheet ?

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