Broadhead Company 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, April 11 Purchase, June 1 Sales ($50 each) Units Unit Cost 2,910 $ 12 8,980 7,940 10,990 Operating expenses (excluding income tax expense) Tax rate (5%) $ 189,000 10 155 Required: 1- Prepare a separate income statement under a) FIFO method b) LIFO method. 2- Which method can be used to minimize the income taxes expenses