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 2,830 Unit Cost $12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,980 7,910 10,930 13 18 $193,500 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. Answer is not complete. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO $ $ 601,150 601,150 Sales revenue Cost of goods sold: Beginning inventory Purchases $ 33,960 259,120 33,960 259,120 Goods available for sale Ending inventory 293,080 156,290 293,080 113,910 136,790 179,170 Cost of goods sold Gross profit Operating expenses 193,500 193,500 Pretax income