Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current yea the accounting records provided the following information for product 2 : 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. 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? Lusi ui yuuus sula. \begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline & & & & \\ \hline Goods available for sale & & & & \\ \hline & & & & \\ \hline Cost of goods sold & & & & \\ \hline & & & & \\ \hline \end{tabular} Compute the difference between the pretax income and the ending inventory amoun Note: Loss amounts should be indicated with a minus sign. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes