P7-5 Evaluating the LIFO and FIFO Choice When Costs Are Rising and Falling L07-2, 7-3 The foowing intormetion applies to the questions displeyed below. ncome is to be evalueted undet tour arerent situeiors as tolows a Prices are nising SRuation A: FIFo is used 2) Stuason B: LIFO is used . Prices are faling )Shuation&FIFO is usod R, Situation D LFO used The basic data common to all tour stations are sales, units for $15.863; begmng n entory, 286 units; purchases, 384 units; endr inventory, 159 units; and operating expenses 53900 The Income tax rate is 30%. 7-5 Evelatng the LiFO end FIo Choice wnen Costs Are Rising and FatinO LO7-2.7-3 Section Break Required 5.00 points P7-5 Part1 1. Complete the purchases, 384 units at $9-$3,4S6Use poriodic inventory procedures (Round your answers to nearest dollar amount abulation for each siuation in Situations A and B (prices rising), assume the following beginning inventory, 286 units at $9-$2,574 purohases, 384 units at $10-$3,840. In Situations C and D (prioes falling), assume the opposite;that is,beginning inventory, 296 units at $10-$2800 FIFO FIFO ,840 Goods available 6.414 Endrg Cost of Gross sold 824 2,442