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 Unit Cost 2,820 $ 11 Inventory, December 31, prior year For the current year Purchase, April 11 Purchase, June 1 Sales ($58 each) Operating expenses (excluding income tax expense) 8,830 7950 10,990 14 $194,500 3.8.00 points Required information 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 FIFO Case B LIFO Cost of goods sold Goods available for sale Cost of goods sold value: 8.00 points 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. Comparison of Amounts Case B LIFO Case A FIFO Difference Pretax income Ending inventory