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 2,980 Unit Cost $13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($54 each) Operating expenses (excluding income tax expense) 9,000 7,870 11,000 14 19 $193,500 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 EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO $ 594,000 Case B LIFO $ es Sales revenue 594,000 Cost of goods sold: Beginning inventory Purchases $ $ 38,740 275,530 38,740 275,530 Goods available for sale 314,270 314,270 Ending inventory Cost of goods sold