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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
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 Unato 2.960 Cost $15 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sale $57 each) Operating expenses (excluding income tax expense) 8.910 7,990 10,990 21 $191,000 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory
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