Required Information (The following information applies to the questions displayed below.) Glvoly 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 7,300 Unit Cost $11 9 5 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($26 each) Sale ($28 each) Operating expenses (excluding income tax expense) 19,300 10,300 8,300 16,300 $403,000 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.) GIVOLY INC. Income Statement For the Year Ended December 31, current year Case A B FIFO LIFO Cost of goods sold: $ 80,300 225,200 Goods available for sale 305,500 Cost of goods sold Pretax income/loss