Could you please provide a detailed explanation and calculation for FIFO and LIFO for ending inventory? Thank you!

Ch 7 Midweek HW Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicat 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: Uits unit Cost 2,970 $11 Inventory, December 31, prior year For the current years Purchase, April 11 Purchase, June 1 Sales ($57 each) Operating expenses (excluding income tax expense) 9.000 7.950 10,920 12 17 $192,500 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for Case A: FIFO and (b) Cose B: LIFO Answer is complete but not entirely correct. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B Prey 1 2 3 of 8 Next > Required: 1. Prepare a separate Income statement through pretax income that details cost of goods sold for (a) Case A: FIFC LIFO. Answer is complete but not entirely correct. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO 622 440 Case B LIFO Sales revenue 622 440 Cost of goods sold Beginning inventory Purchases S 32,670 243,150 32 670 243 150 Goods available for sale 275,820 275,820 109,920 170,790 Ending inventory Cost of goods sold Gross profit Operating expenses 165,900 % 456,540 192,500 105,030 % 517,410 192,500 Pretax income $ 264,040 $ 324,910 Prey 1 2 3 of 8 Next