help with this accounting 120 question about fifo and lifo please use the following 4284345

 

Help with this Accounting 120 question about fifo and lifo please

Use the following information to complete this exercise: sales, 550 units for $12, 500; beginning inventory, 300 units; purchases, 400 units; ending inventory, 150 units; and operating expenses, $4,000. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 300 units at $12 = $3, 600; purchases, 400 units at $13 = $5, 200. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 300 units at $13 = $3, 900; purchases, 400 units at $12 = $4, 800. Use periodic inventory procedures.