E7-11 (Algo) Choosing LIFO versus FIFO When Costs Are Rising and Falling [LO 7-3] Use the following information to complete this exercise: sales, 850 units for $21,600; beginning inventory, 600 units; purchases, 700 units; ending inventory, 450 units; and operating expenses, $7,600. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 inits at $10=$6,000; purchases, 700 units at $12=$8,400. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 600 units at $12=$7,200; purchases, 700 units at $10=$7,000. Use periodic inventory procedures