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P7-5 Part 1 Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 283 units at $8 = $2,264; purchases, 391 units at $9 = $3,519. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 283 units at $9 = $2,547; purchases, 391 units at $8 = $3,128.Use periodic inventory procedures. (Round your answers to nearest dollar amount.)

Required information P7-5 (Algo) Evaluating the LIFO and FIFO Choice When Costs Are Rising and Falling L07-2, 7-3 [The following information applies to the questions displayed below.] Income is to be evaluated under four different situations as follows: a. Prices are rising: (1) Situation A: FIFO is used. (2) Situation B: LIFO is used. b. Prices are falling: (1) Situation C: FIFO is used. (2) Situation D: LIFO is used. The basic data common to all four situations are sales, 500 units for $18,000; beginning inventory, 283 units; purchases, 391 units; ending inventory, 174 units; and operating expenses, $3,100. The income tax rate is 30%. P7-5 Part 1 Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 283 units at $8=$2,264; purchases, 391 units at $9=$3,519. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 283 units at $9=$2,547; purchases, 391 units at $8=$3,128. Use periodic inventory procedures. (Round your answers to nearest dollar amount.)

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