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. Units 2,868 Unit Cost $15 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) 16 8,900 7,870 10,948 21 $194,5ee E7-7 Part 1 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A FIFO and (b) Case LIFO EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case A FIFO L $ 579,820 Case B IFO $ 579,820 Sales revenue Cost of goods sold: Beginning inventory Goods available for sale 0 0 Cost of goods sold L Required information I Cost of goods sold: Beginning inventory | Goods available for sale 0 0 Cost of goods sold i