Seved Required information 3 [The following information applies to the questions displayed below.] of 3 551 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 2:1 Inventory, December 31, prior year For the current years Purchase, March 5 Unit Units Cost 7,200 $10 19,200 10,200 8,200 16,200 Operating expenses (excluding income tax expense) $402,000 Purchase, September 19 Sale ($30 each) Sale ($32 each) 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison of Amounts Pretax income Ending inventory Case A FIFO Case B LIFO Difference Help Save & Exit 4. Required information [The following information applies to the questions displayed below.] 3 of 3 55.31 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: Unit Unite Cost Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 7,200 $10 19,200 8 10,200 4 Sale ($30 each) 8,200 Sale ($32 each) 16.200 Operating expenses (excluding income tax expense) $402,000 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes? Help Save & Exit Submit =22 (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: Unit Units Inventory, December 31, prior year For the current yeari Purchase, March 5 Purchase, September 19 Sale ($30 each) Sale ($32 each) Cost 7,200 $10 19,200 10,200 8,200 4 16,200 Operating expenses (excluding income tax expense) $402,000 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes? FIFO LIFO