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:

Required information (The following information applies to the questions displayed below. 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 $11 2,860 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($59 each) Operating expenses (excluding income tax expense) 8,870 7,970 10,910 12 17 $ 192,500 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 $ 643,690 Case B LIFO $ 643,690 Sales revenue Cost of goods sold: Beginning inventory Purchases $ 31,460 $ 31,460 241,930 241,930 273,390 273,390 Goods available for sale Ending inventory 128,060 Cost of goods sold Gross profit Operating expenses Pretax income