8 t1 of 3 The basic data common to all four situations are sales, 506 units for $15,686; beginning inventory, 284 units; purchases, 386 units; ending inventory, 164 units; and operating expenses, $3,600. 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, 284 units at $11-$3,124; purchases, 386 units at $12-$4,632. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 284 units at $12 $3,408; purchases, 386 units at $11-$4,246.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) Answer is not complete. PRICES RISING PRICES FALLING Situation A Situation B Situation C Situation D FIFO LIFO FIFO LIFO Sales revenue $ 15,686 $ 15,686 15,686 S 15,686 Cost of goods sold: Beginning inventory 3,124 3,124 3,408 ( 3,408 Purchases 4,632 4,632 4,846 4,846 Goods available for sale 7,756 7,756 8,254 8,254 Ending inventory 1,968 1,804 1,804 1,968 Cost of goods sold 5,788 5,952 6,450 6,286 Gross profit 9,898 9,734 9,236 9,400 Expenses 3,600 3,600 3,600 3,600 Pretax income 6,298 6,136 5,636 5500 Income tax expense 2,204 2,148. 1,973 2,030 Net income $ 4,094 3,988 $ 3,663