9 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: 8.33 points eBook Hint Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($59 each) Operating expenses (excluding income tax expense) Required: Units 2,920 Unit Cost $ 11 8,900 12 7,870 17 10,930 $ 191,000 1. Prepare a separate income statement through pretax Income that detalls cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. 2. Compute the difference between the pretax Income and the ending Inventory amount for the two cases. 3. Which Inventory costing method may be preferred for Income tax purposes? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. Cost of goods sold: EMILY COMPANY Income Statement For the Year Ended December 31, current year Goods available for sale Cost of goods sold Case A FIFO Case B LIFO < Required 1 Required 2 >