Ret 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: Unit Cost $15 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($59 each) Operating expenses (excluding income tax expense) Units 2,920 8,989 7,870 10,990 16 21 $194,500 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 FIFO $ 548,500 Case B LIFO 548,500 Sales revenue Cost of goods sold: Beginning inventory Purchases $ $ 42,459 141.760 42,450 141.760