Beck 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 S 8
Inventory, December 31, prior year: 6,200 Units, $8.00 Unit Cost
For the current year:
Purchase, March 5: 18,200 Units, $6 Unit Cost
Purchase, September 19: 9,200 Units, $2 Unit Cost
Sale ($26 each): 8,600 Units
Sale ($28 each): 15,200 Units
Operating expenses (excluding income tax expense) $392,000
Required:
Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO.