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E7-11 (Algo) Choosing LIFO versus FIFO When Costs Are Rising and Falling (LO 7-3) Use the following information to complete this exercise sales, 550 units for $16,950; beginning inventory, 300 units purchases, 400 units ending Inventory, 150 units, and operating expenses, $7000 Required: 1. Complete the table for each situation in Situations A and B (costs rising), assume the following beginning inventory, 300 units at $15 = $4,500 purchases, 400 units at $17 = $6,800. In Situations C and D (costs falling), assume the opposite that is, beginning inventory, 300 units at $17 - $5,100 purchases, 400 units at $15 = $6,000 Use periodic inventory procedures. Costs Rising Situation A FIFO S Situation B LIFO $ 16,950 Costs Falling Situation C Situation D FIFO LIFO $ 16,950 $ 16,950 16,950 $ 1 4,500 5,800 11,300 2,550 Sales Revenue Beginning Inventory Purchases Goods Available for Salo Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 7,000 8.750 3.200 7.000 1.200 360 840 7,000 7.000 $