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 2,910 Unit Cost $14 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,880 7,800 10,850 15 20 $186,500 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (6) Case B: LIFO. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Sales revenue Cost of goods sold: Beginning inventory Purchases 0 0 Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Pretax income