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

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Accounting

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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 2,970 Unit Cost $ 14 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($52 each) Operating expenses (excluding income tax expense) 8,830 7,880 10, 840 15 20 $186,000 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. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Cost of goods sold: Goods available for sale 0 0 Cost of goods sold 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

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