Help Seve Ek Sub ! Check my Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2,7-3 [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 itsmit cost Inventory, December 31, prior year 2,890 Su For the current year! Purchase, April 11 3.990 14 Purchase, June 1 7,670 Sales (558 each) 10.10 Operating expenses (excluding Income tax expense) 5194,000 19 E7-7 Part 1 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for Case A FIFO and it cane 8 Required information Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Pretax income