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 6,400 Unit Cost $ 12 Inventory, December 31, prior year For the current year! Purchase, March 5 Purchase, September 19 Sale ($29 each) Sale (531 each) Operating expenses (excluding income tax expense) 18,400 9,400 8,400 15,400 5394,000 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 FIO Case B LIFO Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory I 15,480 operating expenses (excluding income tax expense) $394,000 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 FIFOR Case B LIFO Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Pretax income/loss