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: unit unit cost

Inventory, December 31, prior year				7,000			$	11
For the current year:
Purchase, March 5				19,000				9
Purchase, September 19				10,000				5
Sale ($28 each)				8,000
Sale ($30 each)				16,000
Operating expenses (excluding income tax expense)	$	400,000

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.)

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.) BECK INC. Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Cost of goods sold Goods available for sale 0 Cost of goods sold Pretax income