2 points eBook Print References Givoly Incorporated 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: Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($29 each) Sale ($31 each) Operating expenses (excluding income tax expense) Required: Units 6,400 Unit Cost $ 12 18,400 10 9,400 6. 8,400 15,400 $ 394,000 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. 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. 3. Which inventory costing method may be preferred for income tax purposes? 2 Operating expenses (excluding income tax expense) Required: $ 394,000 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. 4 points 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. eBook Print 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison of Amounts Pretax income Ending inventory Case A FIFO Case B LIFO Difference < Required 1 Required 3> 2 Operating expenses (excluding income tax expense) Required: $ 394,000 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. 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. its 3. Which inventory costing method may be preferred for income tax purposes? eBook Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes?