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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
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 $ 14 2,840 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) 8,840 7,940 10,910 20 $188,000 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. X Answer is not complete. Comparison of Amounts Case A Case B FIFO L IFO Difference 203,350 203,350 Pretax income Ending inventory $ $
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