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Save & Exit Submit E7-7 Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 The following information applies to the questions displayed below) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the currer year, the accounting records provided the following information for product 2: Units 2.920 Unit Cost $ 11 9 Inventory, December 31, pnor year For the current year Purchase, April 11 Purchase, June 1 Sales (553 each Operating expenses (excluding income tax expense) 8.980 7.800 10.860 $194,000 References Section Break E7.7 Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO L07-2.73 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 BROADHEAD COMPANY 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 0 Cost of goods sold