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, 515 units for $20,085; beginning inventory, 282 units: purchases, 386 units; ending inventory, 153 units, and operating expenses, $3,300. The income tax rate is 40%. Required information