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: Inventory, December 31, prior year For the current year: Purchase, March 5. Unit Units Cost 7,200 $10 19,200 10,200 8,200 Sale ($32 each). 16,200. Operating expenses (excluding income tax expense) $402,000 Purchase, September 19 Sale ($30 each) 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.) GIVOLY INC. Income Statement 2 1of3 0:43:18 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.) GIVOLY INC. Income Statement For the Year Ended December 31, current year Cost of goods sold: FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold Pretax income/loss Part 1 of 3 00:43:04 GIVOLY INC. Income Statement For the Year Ended December 31, current year Accounts payable Accounts receivable Beginning inventory Cash Ending inventory Cost of goods sold Pretax income/loss Case A FIFO Case B LIFO 0 rt 1 of 3 00:42:56 GIVOLY INC. Income Statement For the Year Ended December 31, current year Ending inventory Operating expenses Purchases Sales discount Sales revenue Cost of goods sold Pretax income/loss Case A FIFO 0 Case B LIFO