3 E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2,7-3 [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 Part 1 of 3 12.5 points Unita Unit co 2.30 311 Inventory, December 31, prie year For the current years Purchase, April 11 Purchase, June 1 Sales 1852 each) Operating expenseelding income tax expense) 8.00 7.910 10.10 19 115,500 E7-7 Part 1 o Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for Case A AFO and Case LIFO EMLY COMPANY Incon Statement For the Year Ended December 31, current year Case A FO UFO datore Cow