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! Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the

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! 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: Unit Units Cost Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($54 each) 2,910 $14 8,920 15 7,810 20 10,940 Operating expenses (excluding income tax expense) $188,500 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. Cost of goods sold: Beginning inventory EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold

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