Check Required information E7-7 Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 (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 3,000 Unit Cost $ 9 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 9,000 7,000 10,000 $195,000 17-7 Part 1 Check my work Required information 1. Prepare a separate income statement through pretax income that details cost of goods sold for ( Case A: FIFO and (Case B. LIFO. of 3 BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B UFO Book Cost of goods sold Purchases rences wwwwwwwwwwwwwwww 0 Goods available for sale 0 Cost of goods sold L L of 8 DULL