Element Company _Perioic Inventory - Income statement

Element Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 2:

Units

Unit Cost

  Inventory, December 31, 2011

2,940  

$

13

  For the year 2012:

      Purchase, April 11

8,830  

11

      Purchase, June 1

7,820  

16

      Sales ($56 each)

10,860  

      Operating expenses (excluding income tax expense)

$

185,000

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. (Input all amounts as positive values. Omit the "$" sign in your response.)