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Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December...

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Accounting

Broadhead Company uses a periodic inventory system. At the endof the annual accounting period, December 31 of the current year,the accounting records provided the following information forproduct 2: Units Unit Cost Inventory, December 31, prior year 2,940$ 11 For the current year: Purchase, April 11 8,900 9 Purchase,June 1 7,940 14 Sales ($60 each) 10,980 Operating expenses(excluding income tax expense) $ 186,500

1. Prepare a separate income statement throughpretax income that details cost of goods sold for (a) CaseA: FIFO and (b) Case B: LIFO.

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