00 8 Part 1 of 3 10 points Skipped 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. eBook The basic data common to all four situations are sales, 505 units for $17,170; beginning inventory, 290 units; purchases, 387 units; ending inventory, 172 units; and operating expenses, $3,900. The income tax rate is 30%. References Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 290 units at $11 - $3,190; purchases, 387 units at $12 - $4,644. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 290 units at $12 - $3,480; purchases, 387 units at $11 - $4,257.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) Print PRICES RISING PRICES FALLING Situation A FIFO Situation B LIFO Situation C Situation D FIFO LIFO Sales revenue $ 17,170 $ 17,170 $ 17,170 $ 17,170 Cost of goods sold: Beginning inventory 3,190 Purchases 4,644 Goods available for sale 7,834 Ending inventory 2,064 Cost of goods sold 5,770 Gross profit 11,400 Expenses 3,900 3,900 3,900 3,900 Pretax income 7,500 Income tax expense 2,250 Net income $ 5,250