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Income is to be evaluated under four different situations as follows: a . Prices are rising: ( 1 ) Situation A: FIFO is used. (
Income is to be evaluated under four different situations as follows: a Prices are rising: Situation A: FIFO is used. Situation B: LIFO is used. b Prices are falling: Situation C: FIFO is used. Situation D: LIFO is used. The basic data common to all four situations are sales, units for $; beginning inventory, units; purchases, units; ending inventory, units; and operating expenses, $ The income tax rate is Required: Complete the following tabulation for each situation. In Situations A and B prices rising assume the following: beginning inventory, units at $ $; purchases, units at $ $ In Situations C and D prices falling assume the opposite; that is beginning inventory, units at $ $; purchases, units at $ $ Use periodic inventory procedures.Complete the following tabulation for each situation. In Situations A and B prices rising assume the following: beginning inventory, units at $$; purchases, units at $$ In Situations and prices falling assume the opposite; that is beginning inventory, units at $$; purchases, units at $$ Use periodic inventory procedures. Round your answers to nearest dollar amount. Show less tablePRICES RISING,PRICES FALLING tableSituation AFIFO tableSituation BLIFO tableSituation CFIFO tableSituation DLIFOSales revenue,$$$$Cost of goods sold:Beginning inventory,,PurchasesGoods available for sale,,Ending inventory,,Cost of goods sold,,Gross profit,,ExpensesPretax income,,Income tax expense,,Net income,$
Income is to be evaluated under four different situations as follows:
a Prices are rising:
Situation A: FIFO is used.
Situation B: LIFO is used.
b Prices are falling:
Situation C: FIFO is used.
Situation D: LIFO is used.
The basic data common to all four situations are sales, units for $; beginning inventory, units; purchases, units; ending inventory, units; and operating expenses, $ The income tax rate is
Required:
Complete the following tabulation for each situation. In Situations A and B prices rising assume the following: beginning inventory, units at $ $; purchases, units at $ $ In Situations C and D prices falling assume the opposite; that is beginning inventory, units at $ $; purchases, units at $ $ Use periodic inventory procedures.Complete the following tabulation for each situation. In Situations A and B prices rising assume the following: beginning inventory, units at $$; purchases, units at $$ In Situations and prices falling assume the opposite; that is beginning inventory, units at $$; purchases, units at $$ Use periodic inventory procedures. Round your answers to nearest dollar amount.
Show less
tablePRICES RISING,PRICES FALLING
tableSituation AFIFO
tableSituation BLIFO
tableSituation CFIFO
tableSituation DLIFOSales revenue,$$$$Cost of goods sold:Beginning inventory,,PurchasesGoods available for sale,,Ending inventory,,Cost of goods sold,,Gross profit,,ExpensesPretax income,,Income tax expense,,Net income,$
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