Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...

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Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the c accounting records provided the following information for product 2 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) Required: Units 2,850 Unit Cost $ 10 8,900 11 7,860 16 10,930 $ 191,000 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO LIFO 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the c accounting records provided the following information for product 2 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) Required: Units 2,850 Unit Cost $ 10 8,900 11 7,860 16 10,930 $ 191,000 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO LIFO 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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