Required information The following information applies to the questions displayed below.) Emily Company uses fodic...
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Required information The following information applies to the questions displayed below.) Emily Company uses fodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting it is provided the following information for product 2: Units 2,830 Unit Cost $15 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 8,860 7,940 10,970 16 21 $186,000 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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