Net earnings is to be evaluated under four different situations as follows: i. Prices are rising: Situation A-FIFO is used. Situation BWeighted average is used. ii. Prices are falling: Situation C-FIFO is used. Situation DWeighted average is used. The basic data common to all four situations are sales, 500 units for $15,000, beginning inventory. 300 units, purchases, 400 units; ending inventory, 200 units, and operating expenses, $4,000. The following tabulated statements of earnings for each situation have been set up for analytical purposes: Required: 1. Compute the missing values for each situation. In Situations A and B (prices rising), assume the following: beginning inventory, 300 units at $11 = $3,300; purchases, 400 units at $12 = $4,800. In Situations C and D (prices falling), assume the opposite that is, beginning inventory, 300 units at $12 = $3,600; purchases, 400 units at $11 = $4,400. Use periodic inventory procedures. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) Prices Rising Situation A Situation B FIFO Weighted Average $ 15,000 $ 15,000 Prices Falling Situation C Situation D FIFO Weighted Average $ 15,000 $ 15,000 Statement of Earnings 3,300 4,800 8,100 Sales revenue Cost of sales: Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (30%) Net earnings 2,400 5,700 9,300 4,000 5,300 4,000 4,000 4,000 1,590 $ 3,710