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

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Finance

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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 3,000 Unit Cost $ 9 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 9,000 7,000 10,000 10 15 $190,000 Case A Case B FIFO LIFO Sales revenue $ 500,000 $ 500,000 Cost of goods sold: Beginning inventory Purchases $ 27,000 $ 27,000 Goods available for sale 27,000 27,000 Ending inventory 125,000 87,000 Cost of goods sold Gross profit Operating expenses 97,000 403,000 190,000 135,000 365,000 190,000 Pretax income Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory $ 125,000 $ 87,000

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