[The following information applies to the questions displayed below.] Broadhead Company 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 2,880 Unit Cost $ 13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($58 each) Operating expenses (excluding income tax expense) 8,900 7,850 10,850 11 16 $185,500 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. BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO $ 629,300 $ 629,300 Sales revenue Cost of goods sold: Beginning inventory Purchases $ 37,440 $ 37,440 223,500 223,500 260.940 260,940 Goods available for sale Ending Inventory 135,830 102,340 Cost goods sold