Net earnings is to be evaluated under four different situations as follows: i. Prices are rising: Situation A-FIFO is used. Situation B-Weighted 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 L 3.600 3,300/ 4,800 8,100 4,400 8,000 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 3,300 4,800 8,100 2,400 5,700 9,300 4,000 5,300 1,590 3,710 8,100 6,900 4,000 3.600 4,400 8,000 2,200 5,800 9,200 4,000 5,200 1,560 3,640 8,000 7,000 4,000 3,000 2.900 $ $ 2,900 $ $ 3,000