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 $12 2,880 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,900 7,950 10,910 13 18 $185,500 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. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO $ 600,050 $ 600,050 Sales revenue Cost of goods sold: Beginning inventory Purchases $ $ 34,560 34,560 258,800 258,800 Goods available for sale 293,360 293,360 Ending inventory Cost of goods sold Gross profit Operating expenses 185,500 185,500 Pretax income