3 5:07 ces Required information [The following information applies to the questions displayed below.] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current y the accounting records provided the following information for product 2: Unit Units Cost Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19. Sale ($27 each) 7,400 $12 19,400 10 10,400 6 8,400 Sale ($29 each) 16,400 Operating expenses (excluding income tax expense). $404,000 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Cas LIFO. (Loss amounts should be indicated with a minus sign.) Sales revenue Cost of goods sold: GIVOLY INC. Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold Pretax income/loss < Prev 3 8+ 5 of 13 Next