Givoly Incorporated uses a periodic inventory system. At the end of the ennual accounting period, December 31 of the current year, the account ing records provided the follawing information for praduct 2 : , 1. Propare n saparate income statement through pretax income that details cost of goods sold for (n) Cnse A: FIFO and (L) Case B: LIFO. 2. Campute the differenee between the pretax incorne and the ending invertory amounts for the two cases. 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. Prepare a separete income ststement through pretax income thst detais cost of goods soid for (a) Case A: FIFO and (b) Cass B: LIFO. Note: Lass amounts should be indicated with a minus sign. Givoly Incorporated uses a periodic inventory system. At the end of the ennual accounting period, December 31 of the current year, the account ing records provided the follawing information for praduct 2 : , 1. Propare n saparate income statement through pretax income that details cost of goods sold for (n) Cnse A: FIFO and (L) Case B: LIFO. 2. Campute the differenee between the pretax incorne and the ending invertory amounts for the two cases. 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. Prepare a separete income ststement through pretax income thst detais cost of goods soid for (a) Case A: FIFO and (b) Cass B: LIFO. Note: Lass amounts should be indicated with a minus sign