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 2,890 Unit Cost $ 13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($59 each) Operating expenses (excluding income tax expense) 8,950 7,940 10,920 14 19 $192,888 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 FIFO S 644,280 Case B LIFO $ 644,280 Sales revenue Cost of goods sold: Beginning inventory Purchases S $ 37,570 276,160 37,570 276,160 313,730 313,730 Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Pretax income ..Compute the difference between the pretax Income and the ending Inventory amount for the two cases. Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory