[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 Inventory, December 31, prior year 6,200 $ 8 For the current year: Purchase, March 5 18,200 6 Purchase, September 19 9,200 2 Sale ($26 each) 8,600 Sale ($28 each) 15,200 Operating expenses (excluding income tax expense) $ 392,000 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.)

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 $ 8 6,200 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($26 each) Sale ($28 each) Operating expenses (excluding income tax expense) 18,200 9,200 8,600 15, 200 NO 00 $392,000 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.) 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 FIFO Case B IFO L Sales revenue Cost of goods sold: $ 49,600 Goods available for sale 49,600 Cost of goods sold Pretax income/loss