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 7,900 Unit Cost $11 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 BECK INC. Income Statement For the Year Ended December 31, current year Case A FIFO L Case B IFO Cost of goods sold: VA LX / X Goods available for sale X TO LI III / / / / Cost of goods sold / / / / Pretax income/loss 7