(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, 509 units for $19,342; beginning inventory, 281 units; purchases, 387 units; ending inventory, 159 units; and operating expenses, $3,200. The income tax rate is 30%. P7-5 Part 1 Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 281 units at $8 = $2,248; purchases, 387 units at $9 = $3,483. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 281 units at $9 = $2,529; purchases, 387 units at $8 = $3,096.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING Situation A Situation B FIFO LIFO $ 19,342 $ 19,342 PRICES FALLING Situation C Situation D FIFO LIFO $ 19,342 $ 19,342 Sales revenue Cost of goods sold: Beginning inventory Purchases 2,248 3,483 5,731 1,431 4,300 2,248 3,483 5,731 Goods available for sale 2,529 3,096 5,625 1,272 4,353 2,529 3,096 5,625 1,272 1,431 4,459 4,194 Ending inventory Cost of goods sold Gross profit Expenses 15,042 3,200 3,200 3,200 3,200 Pretax income 11,842 Income tax expense 3,553 8,289 Net income $