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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 current year, the accounting records provided the following information for product 2: Units Unit Cost 2,830 $ 11 Inventory, December 31, prior year For the current year 8,930 7,820 Purchase, Aprl 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding Income tax expense) 9 14 10,890 $189,500 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 FIFO Case B LIFO Cost of goods sold Goods available for sale Cost of goods sold Operating expenses 2. Compute the difference between the pretax income and the ending inventory amount for the two cases Case A FIFO Comparison of Amounts Case B LIFO Difference Pretax income Ending inventory 3. Which inventory costing method may be preferred for income tax purposes? FIFO O LIFO