Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO L07-2, 7-3 [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 Inventory, December 31, prior year 2,930 For the current year: Purchase, April 11 Purchase, June 1 7,900 Sales ($56 each) Operating expenses (excluding income tax expense) $193,500 $13 8,840 14 19 10,830 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes