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 Unit Cost $ 9 7,100 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($29 each) Sale ($31 each) Operating expenses (excluding income tax expense) 7 3 19,100 10,100 8,100 16,100 $401,000 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 Case B FIFO LIFO Sales revenue $ 734,000 $ 734,000 Cost of goods sold: Beginning inventory Purchases $ 63,900 $ 63,900 164,000 164,000 Goods available for sale 227,900 227,900 Ending inventory 43,600 Cost of goods sold Gross profit Operating expenses Pretax income/loss