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 Unit Cost $11 2,920 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($57 each) Operating expenses (excluding income tax expense) 8,880 7,920 10,890 12 17 $ 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. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Sales revenue Cost of goods sold: Goods available for sale Cost of goods sold