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I need help with the remainder of this problem. Thank you Required information [The following information applies to the questions displayed below.] Emily Company uses
I need help with the remainder of this problem. Thank you
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 2,930 Unit Cost $ 12 13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($52 each) Operating expenses (excluding income tax expense) 8,980 7,820 10,880 18 $185,000 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 FIFO Case B LIFO $ $ 565,760 565,760 Sales revenue Cost of goods sold: Beginning inventory Purchases $ $ 35,160 257,500 35,160 257,500 292,660 292,660 Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Pretax incomeStep by Step Solution
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