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 . 1. Prepare a separate income statement through pretax income that cetails cost of goods sold for (a) Case A. FIFO and (b) Case B: LIFO 2. Compute the difference between the pretax income and the ending inventory amount for the two cases 3. Which inventory costing method may be preferred for income tax purposes