mework Set Sarved Help Required information (The following information applies to the questions displayed below.) Glvoly 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 $11 7,900 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($ 29 each) Operating expenses (excluding income tax expense) 19,900 10,900 8,900 16,900 $409,000 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.) GIVOLY INC Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO 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.) GIVOLY INC. 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 sal Ending inventory Cost of goods sold Gross profit Operating expenses Pretax income loss Prey 23 of 7 Next >