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 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) 9 5 19,300 10,300 8,300 16,300 $403,000 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes? LIFO