0 Required information E7-8 Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 (The following information applies to the questions displayed below.) Beck Inc. uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year. the accounting records provided the following information for product 2: Units Unit Cost $13 6,300 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($30 each) Sale ($32 each) Operating expenses (excluding income tax expense) 11 7 18,300 9,300 8.500 15,300 $393,000 E7-8 Part 1 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. (Loss amounts should be indicated with a minus sign.) BECK INC. Income Statement For the Year Ended December 31, current year Case A Case B LIFO FIFO Cost of goods sold Goods available for sale 0 Cost of goods sold Pretax incomodos