! 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, 508 units for $18,796; beginning inventory, 287 units; purchases, 394 units; ending inventory, 173 units; and operating expenses, $3,300. The income tax rate is 30%. Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 287 units at $9 = $2,583; purchases, 394 units at $10 = $3,940. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 287 units at $10 = $2,870; purchases, 394 units at $9 = $3,546.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) Answer is complete but not entirely correct. PRICES FALLING Situation C Situation D PRICES RISING Situation A Situation B FIFO LIFO $ 18,796 S 18,796 FIFO LIFO 18,796 $ 18,796 $ 2,583 2,583 2,870 2,870 3,546 3,940 6,523 3,940 6,523 6,416 3,546 6,416 1,557 4,859 1,730 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 1,739 X 1,557 4,966 4,793 4,677 X 14,119 X 13,830 14,003 3,300 10,703 3,300 10,530 3,159 13,937 3,300 10,637 3,191 7,446 $ 3,300 10,819 X 3,246 X 7,573 X 3,211 $ 7,492 $ 7,371$