Chapter 7 Homework 6 Saved Help 5 (The following information applies to the questions displayed below.) 1.57 points 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: eBook Units Unit Cost Hint 2,820 $ 10 Print Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,880 7,830 10,910 11 16 F References $188,000 E7-7 Part 1 Required: 1. Prepare a separate income statement through pretax income that details cost of good 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 FIFO Case B LIFO Cost of goods sold: Goods available for sale 0 0 Cost of goods sold Mc Mc