$9$

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 $2$ :

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.

$\backslash$table$[[$EMILY COMPANY$],[$Income Statement$],[$For the Year Ended December $31,$ current year$],[,\{$

$\backslash$table$[[$Case A$],[$FIFO$]]\},\{$

$\backslash$table$[[$Case B$],[$LIFO$]]\}],[],[$Sales revenue,,$$585,900,,$$$585,900],[$Cost of goods sold:$],[$Beginning inventory,$$42,750,,$$$42,750,],[$Purchases$,308,340,,308,340,],[$Goods available for,,,,$],[$sale$,351,090,,351,090,],[$Ending inventory,$180,340,,131,850,],[$Cost of goods sold$],[],[$Gross profit$],[$Operating expenses,,$186,500,,186,500],[,,,,],[$Pretax income,,,,$]]$