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Required information [The following information applies to the questions displayed below.] Emily Company uses a...

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Accounting

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Required information [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 3,000 Unit Cost $ 9 10 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 PP 15 $190,000 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

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