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 ($51 each). 2,820 $12 8,830 13 7,890 18 10,920 Operating expenses (excluding income tax expense) $192,000