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.) PRICES RISING Situation A Situation B FIFO LIFO PRICES FALLING Situation C Situation D FIFO LIFO $ 18,796 $ 18,796 $ 18,796 $ 18,796 2,583 3,940 Sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income 6,523 1,730 4,793 14,003 3,300 10,703 3,300 3,300 3,300 Income tax expense 3,211 7,492 Net income $