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! Required information [The following information applies to the questions displayed below.) 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 7 3 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) 19,700 10,700 8,700 16,700 $407,000 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes