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a. Prices are rising () Situation A: FIFO is used (2) Situation B:...

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a. Prices are rising () Situation A: FIFO is used (2) Situation B: LIFO is u b. Prices are falling: (1) Situation C: FIFO is usad (2) Situation D: LIFO Is used The basic data common to all four situations are: sales, 518 units for $t The income tax rate is 35%. hases393 units; ending inventory, 155 units; and operating expenses, $370C 6. Required Information Required 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory.280 units at 57 $1.960 purchases, 393 units at $8 - $3,144. In Situations C and D (prices falling), assume the opposite, that is, beginning inventory. 280 units at $8 $2 240 procedures.Round your answers to nearest dollar amount.) purchases 393 units at st $2.751.Use periodic inventory PRICES RISING PRICES FALLING SituationD LIF Situation A Situation B Situation C FIF FIFO LIFO FIFO $16,058 S 16,058 S 16,058 S8058 Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income ncome lax expense 1.960 3.144 5,104 1,240 3,864 12,194 3,700 8.494 2.973 5.521 3,700 3,700 700 Net income

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