please explain all your calculations. if correct ill thumbs up if wrong ill leave blank...
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please explain all your calculations. if correct ill thumbs up if wrong ill leave blank :)
[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, 514 units for $15,934; beginning inventory, 298 units; purchases, 400 units; ending inventory, 184 units; and operating expenses, $3,000. The income tax rate is 35%. Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 298 units at $9=$2,682; purchases, 400 units at $10=$4,000. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 298 units at $10=$2,980; purchases, 400 units at $9=$3,600. Use periodic inventory procedures. (Round your answers to nearest dollar amount.)
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