! Required information [The following information applies to the questions displayed below.] 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, 505 units for $15,655; beginning inventory, 298 units; purchases, 398 units; ending inventory, 191 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, 298 units at $8 = $2,384; purchases, 398 units at $9 = $3,582. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 298 units at $9 = $2,682; purchases, 398 units at $8 = $3,184.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING PRICES FALLING Situation A Situation B Situation C Situation D FIFO LIFO FIFO LIFO $ 15,655 $ 15,655 $ 15,655 $ 15,655 2.384 Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income Income tax expense Net income 3,582 5,966 1,719 4,247 3,600 3,600 3,600 11,408 3.600 7,808 2.733 5,075 $