2 Part 1 of 3 Required information [The following information applies to the questions displayed below.] Emily Company 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: Unit Units 10 points Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Cost 2,860 $11 8,950 12 7,800 17 Sales ($51 each). 10,850 Operating expenses (excluding income tax expense) $194,000 eBook Print 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. References Cost of goods sold: EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold