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: Unit Units Cost Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($29 each) Sale ($31 each) 7,600 $ 8 19,600 10,600 2 60 6 8,600 16,600 Operating expenses (excluding income tax expense) $406,000 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. (Loss amounts should be indicated with a minus sign.) Cost of goods sold: GIVOLY INC. Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold Pretax income/loss 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Case A Comparison of Amounts Case B Pretax income Ending inventory FIFO LIFO Difference