Question: please help i have tried and tried just cant get it. 7 Homework Use the following information to complete this exercise: sales, 850 units for
7 Homework Use the following information to complete this exercise: sales, 850 units for $13,800, beginning Inventory, 600 units: purchases, 700 units, ending Inventory. 450 units; and operating expenses, $5,400. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 units at $6 $3,600: purchases, 700 units at $8 - $5,600. In Situations C and D (costs falling), assume the opposite, that is, beginning Inventory, 600 units at $8 - $4,800: purchases, 700 units at $6 - $4,200. Use periodic Inventory procedures. Costs Rising Situation A Situation FIFO LIFO Costs Falling Situation Situation D FIFO LIFO E 13,800 13 800 $ 4,800 $ 4.800 $ 13.800 $13.800 4200 4200 3,600 5,600 9.200 3.600 $ 3,600 5,600 9.200 2.700 9,000 9.000 2.700 Sales Revenue Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profil Operating Expenses Income from Operations Income Tax Expense (30%) 5 600 6,500 6.300 5.400 8.200 5.400 5.400 5.400 2.800 840 Net Income $ 1,960
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