The basic data common to all four situations are sales, 508 units for $19,812; beginning inventory, 298 units; purchases, 390 units; ending inventory, 180 units; and operating expenses, $3,500. The income tax rate is 35%. P7-5 Part 1 Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 298 units at $9 = $2,682; purchases, 390 units at $10 = $3,900. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 298 units at $10 - $2,980; purchases, 390 units at $9 = $3,510.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING PRICES FALLING Situation A FIFO Situation B LIFO Situation C FIFO Situation D LIFO Sales revenue $ 19,812 $ 19,812 $ 19,812 $ 19,812 Cost of goods sold: Beginning inventory 2,682 2,682 Purchases 3,900 3,900 Goods available for sale 6,582 6,582 Ending inventory 1,800 Cost of goods sold 4,782 Gross profit 15,030 Expenses 3,500 3,500 3,500 3,500 Pretax income 11,530 Income tax expense 4,035 Net income $ 7,495