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.

The basic data common to all four situations are sales, $500$ units for $$15,000$; beginning inventory, $310$ units; purchases, $420$ units; ending inventory, $230$ units; and operating expenses, $$3,400.$ The income tax rate is $30\%.$

Required:

Complete the following tabulation for each situation. In Situations A and B $($prices rising$),$ assume the following: beginning inventory, $310$ units at $$10=$ $$3,100$; purchases, $420$ units at $$12=$ $$5,040.$ In Situations C and D $($prices falling$),$ assume the opposite; that is$,$ beginning inventory, $310$ units at $$12=$ $$3,720$; purchases, $420$ units at $$10=$ $$4,200.$ Use periodic inventory procedures.Complete the following tabulation for each situation. In Situations A and B $($prices rising$),$ assume the following: beginning inventory, $310$ units at $$10=$$$3,100$; purchases, $420$ units at $$12=$$$5,040.$ In Situations $C$ and $D($prices falling$),$ assume the opposite; that is$,$ beginning inventory, $310$ units at $$12=$$$3,720$; purchases, $420$ units at $$10=$$$4,200.$ Use periodic inventory procedures. $($Round your answers to nearest dollar amount.$)$

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$\backslash$table$[[,$PRICES RISING,PRICES FALLING$],[,\{$

$\backslash$table$[[$Situation A$],[$FIFO$]]\},\{$

$\backslash$table$[[$Situation B$],[$LIFO$]]\},\{$

$\backslash$table$[[$Situation C$],[$FIFO$]]\},\{$

$\backslash$table$[[$Situation D$],[$LIFO$]]\}],[],[$Sales revenue,$$,15,000,$$$,15,000,$$$,15,000,$$$,15,000],[$Cost of goods sold:$],[$Beginning inventory,,$3,100,,3,100,,3,720,,3,720],[$Purchases$,,5,040,,5,040,,4,200,,4,200],[$Goods available for sale,,$8,140,,8,140,,7,920,,7,920],[$Ending inventory,,$2,760,,,,,,2,760],[$Cost of goods sold,,$5,380,,,,,,],[$Gross profit,,$9,620,,,,,,],[$Expenses$,,3,400,,3,400,,3,400,,3,400],[$Pretax income,,$6,220,,,,,,],[$Income tax expense,,$1,866,,,,,,],[$Net income,$$,4,354,,,,,,]]$