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Use the following information to complete this exercise: sales, 850 units for $29,400; beginning inventory,...

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Accounting

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Use the following information to complete this exercise: sales, 850 units for $29,400; beginning inventory, 600 units, purchases, 700 units; ending inventory, 450 units, and operating expenses, $6,800. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 units at $14 - $8,400; purchases, 700 units at $16 - $11.200. In Situations C and D (costs falling), assume the opposite; that is, beginning Inventory, 600 units at $16 $9,600; purchases, 700 units at $14 - $9,800. Use periodic inventory procedures Costs Rising Costs Falling Situation A Situation Situation D Situation FIFO FIFO LIFO 29,400 $29,400 29.400 8,400 11.200 Sales Revenue Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit 800 7.200 5.800 6.800 10.200 Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 000 $ 7140

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