ter 7 - Homework i SOV Check 7 13 Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2,7-3 [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 2,840 Unit Cost $12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,840 7,970 10,930 13 18 $195,000 E7-7 Part 2 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. arch O at e 86% D E Saved er 7. Homework 2 rur, L Purchase, June 1 Sales (555 each) Operating expenses (excluding income tax expense) 7,970 10,930 $195,000 E7-7 Part 2 2. Compute the difference between the pretax income and the ending inventory amount for the two cases, Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory Prey CD 45 of 8 IBE Next >