Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases Sales Revenue Purchases Beginning Inventory $ 250 Total Available Ending Inventory Cost of Goods Sold Gross Profit Expenses Pretax Income (Loss) A S $ $ 1 400 $ 1.220 1,240 660 $ B 1,150 1,120 120 220 200 1.240 100 920 200 300 500 420 140 D 660 250 910 1,180 180 E 1 000 1 080 170 (60) 530 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 2,840 Unit Cost $11 Inventory, December 31, prior year For the current year Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,888 7,990 10,940 12 17 $188,000 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 Case B LIFO FIFO Cost of goods sold ! Required information EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Cost of goods sold Goods available for sale Cost of goods sold 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 2,840 Unit Cost $11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,888 7,990 10,940 12 17 $188,000 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