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6 Use the following information to complete this exercise: sales, 650 units for $23.100: beginning...

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Accounting

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6 Use the following information to complete this exercise: sales, 650 units for $23.100: beginning inventory 400 units; purchases, 500 units; ending inventory, 250 units; and operating expenses, $4.400. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 400 units at $16 = $6,400; purchases, 500 units at $18 - $9,000. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 400 units at $18 = $7.200; purchases, 500 units at $16 =$8,000. Use periodic inventory procedures. 8 01.29-11 Costs Rising Situation A Situation FIFO LIFO $ 23.100 $23.100 Conts Falling Situation Situation D FIFO LIFO $ 23,100 23 100 $ 6,400 9,000 15,400 0 0 0 4500 Sales Revenue Beginning inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Prot Operating Expenses Income from Operations Income Tax Expense (30) Net Income 0 0 0 10.900 12.200 4.400 7800 4.400 4400 4 400 2,340 $ 5.450

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