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 $17,000; beginning inventory, 292 units; purchases, 397 units; ending inventory, 189 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, 292 units at $8 = $2,336; purchases, 397 units at $9 = $3,573. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 292 units at $9 = $2,628; purchases, 397 units at $8 = $3,176.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING Situation A Situation B FIFO LIFO $ 17,000 $ 17,000 PRICES FALLING Situation C Situation D FIFO LIFO $ 17,000 $ 17,000 Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale 2,336 3,573 5,909 1,701 4,208 Ending inventory Cost of goods sold Gross profit Expenses Pretax income 12,792 3,600 3,600 3,600 3,600 9,192 3,217 Income tax expense Net income $ 5,975