3. value 1.00 points 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. BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale 0 Cost of goods sold References eBook & Resources Worksheet Learning Objective: 07-02 Report inventory and cost of goods sold using the four inventory costing methods. Difficulty: 3 Hard Learning Objective: 07-03 Decide when the use of different inventory costing methods is beneficial to a company. Check my work 4. value: 1.00 points 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory [The following information applies to the questions displayed below.) Broadhead Company 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 2.940 Unit Cost $ 11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase. June 1 Sales (557 each) Operating expenses (excluding income tax expense) 8.900 7,960 10,890 14 $186,000