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, $520$ units for $$20,800$; beginning inventory, $290$ units; purchases, $410$ units;

ending inventory, $180$ units; and operating expenses, $$3,500.$ The income tax rate is $40\%.$

Required:

Complete the following tabulation for each situation. In Situations A and $B($prices rising$),$ assume the following: beginning

inventory, $290$ units at $$10=$$$2,900$; purchases, $410$ units at $$12=$$$4,920.$ In Situations C and D $($prices falling$),$ assume the

opposite; that is$,$ beginning inventory, $290$ units at $$12=$$$3,480$; purchases, $410$ units at $$10=$$$4,100.$ Use periodic inventory

procedures.

Complete the following sentence:

Complete the following sentence regarding the relative effects on the cash position for each situation.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $3$

Complete the following tabulation for each situation. In Situations A and B $($prices rising$),$ assume the following: beginning

inventory, $290$ units at $$10=$$$2,900$; purchases, $410$ units at $$12=$$$4,920.$ In Situations C and D $($prices falling$),$ assume

the opposite; that is$,$ beginning inventory, $290$ units at $$12=$$$3,480$; purchases, $410$ units at $$10=$$$4,100.$ Use periodic

inventory procedures. $($Round your answers to nearest dollar amount.$)$