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: Units Unit Cost Inventory, December 31, prior year For the current year: 2,900 $13 Purchase, April 11 8,870 14 Purchase, June 1 7,860 19 Sales ($51 each) 10,960 Operating expenses (excluding income tax expense) $192,000 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. Sales revenue EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO $ 558,960 Cost of goods sold: Beginning inventory. $ 37,700 Purchases 273,520 Case B LIFO $ 558,960 $ 37,700 273,520