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! Required information (The following information applies to the questions displayed below.] Givoly Inc. uses...

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Accounting

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! 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 7,600 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($29 each) Sale ($31 each) Operating expenses (excluding income tax expense) 6 2 19,600 10,600 8,600 16,600 $406,000 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory

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