The following 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, 294 units; purchases, 385 units; ending Inventory, 173 units; and operating expenses, $3,400. The income tax rate is 35%. Required information value 10.00 points Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 294 units at $9 = $2,646; purchases, 385 units at $10 = $3,850. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 294 units at $10 = $2,940: purchases, 385 units at $9 = $3,465.Use periodic inventory procedures.(Round your answers to nearest dollar amount.) PRICES RISING Situation A Situation B FIFO LIFO $ 15,686 $ 15,686 PRICES FALLING Situation C Situation D FIFO LIFO $ 15,686 $ 15,686 2.646 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 2,646 3,850 6,496 1.730 4,766 10,920 3,400 7.520 2,632 4.8.88