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 Unit Cost Inventory, December 31, prior year 2,93e $13 For the current year: Purchase, April 11 8,840 Purchase, June 1 7.900 Sales ($56 each) 10,830 Operating expenses (excluding income tax expense) $193,500 14 19 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: 0 0 Goods available for sale mework Saved ONRV Required information Case A FIFO Case B LIFO Cost of goods sold: Goods available for sale 0 0 Cost of goods sold