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Use the following information to complete this exercise: sales. 1050 units for $12.900; beginning inventory,...

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Accounting

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Use the following information to complete this exercise: sales. 1050 units for $12.900; beginning inventory, 800 units purchases, 900 units, ending inventory, 650 units, and operating expenses, $6,000, Required: 1. Complete the table for each situation in Situations A and B (costs rising), assume the following: beginning inventory, 800 units at $4 = $3,200 purchases, 900 units at $6 = $5,400. In Situations C and D (costs falling) assume the opposite that is, beginning inventory, 800 units at $6 - $4,800, purchases, 900 units at $4 = $3,600. Use periodic inventory procedures Costs Rising Situation A Situation B FIFO LIFO Costs Falling Situation C Situation D FIFO LIFO $ $ 12,900 12.900 Sales Revenue $ 12,900 $12,900 $ 3,200 5,400 8,600 3.900 0 0 0 0 0 0 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 4.700 8,200 6,000 2.200 660 6,000 6,000 +.000 $ 1.540

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