Part 1 of 3 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. 125 points Units init Cost $14 2.910 15 Book Inventory, December 31. prior year For the current years purchase, April 11 Purchase, June 1 Sales ($51 sach) operating expenses (excluding nece tax expense) 0.550 7.850 10,650 $107.000 Hint Required: 1. Prepare a separate income statement through protax income that details cost of goods sold for() Case A FIFO and (o) Case B: LIFO Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case 8 LIFO. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO $ 553 860 Case B LIFO $ ON 553,860 Sales revenue Cost of goods sold Beginning inventory Purchases 40.7401 200,100 40,740 290,100 ht 330.840 330,840 int Goode available for sale Ending Inventory rences Cost of goods sold Gross profit Operating expenses 187,000 187.000 Pretax income