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 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 2,920 $13 8,920 14 7,940 19 Sales ($51 each) 10,880 Operating expenses (excluding income tax expense) $193,000 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: EMILY COMPANY Income Statement For the Year Ended December 31, current year Goods available for sale Cost of goods sold Case A FIFO Case B LIFO