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, 506 units for $15,686; beginning inventory, 284 units; purchases, 386 units; ending inventory, 164 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 (rices rising), assume the following: beginning inventory. 284 units at $11-$3,124; purchases, 386 units at $12 $4,632, In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 284 units at $12 $3,408; purchases, 386 units at $11-$4,246.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) Check my work The basic data common to all four situations are sales, 506 units for $15,686; beginning inventory, 284 units; purchases. 386 units; ending inventory, 164 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, 284 units at $11-$3,124; purchases, 386 units at $12-$4,632. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 284 units at $12 $3,408; purchases, 386 units at $11-$4,246.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING PRICES FALLING Situation A FIFO Situation B LIFO Situation C Situation D FIFO LIFO Sales revenue $ 15,686 $ 15,686 $ 15,686 $ 15,686 Cost of goods sold: Beginning inventory 3,124 Purchases 4,632 Goods available for sale 7,756 Ending inventory 1,968 + Cost of goods sold 5,788 Gross profit 9,898 Expenses 3,600 3,600 3,600 3,600 Pretax income 6,298 Income tax expense. 2,204 Net income $ 4,094