! Required information [The following information applies to the questions displayed below.] Income is to be...

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! Required information [The following information applies to the questions displayed below.] 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, 519 units for $17,646; beginning inventory, 280 units; purchases, 397 units; ending inventory, 158 units; and operating expenses, $3,300. The income tax rate is 35%. Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 280 units at $8 = $2,240; purchases, 397 units at $9 = $3,573. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 280 units at $9 = $2,520; purchases, 397 units at $8 = $3,176. Use periodic inventory procedures. (Round your answers to nearest dollar amount.) ! Required information [The following information applies to the questions displayed below.] 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, 519 units for $17,646; beginning inventory, 280 units; purchases, 397 units; ending inventory, 158 units; and operating expenses, $3,300. The income tax rate is 35%. Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 280 units at $8 = $2,240; purchases, 397 units at $9 = $3,573. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 280 units at $9 = $2,520; purchases, 397 units at $8 = $3,176. Use periodic inventory procedures. (Round your answers to nearest dollar amount.)