Ch.7 HW (graded) Saved Help 3 ! Part 2 of 2 Required information E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 [The following information applies to the questions displayed below.] 1 points Givoly 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 7,700 Unit Cost $ 9 eBook Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($30 each) Sale ($32 each) Operating expenses (excluding income tax expense) 7 3 19,700 10,700 8,700 16,700 Print $ 407,000 References E7-8 Part 2 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison of Amounts Case A Case B LIFO Difference FIFO Pretax income Ending inventory