The following information applies to the questions displayed below! Income is to be evaluated under four different shutions as follows Prices are rising Sution AFFO is used 2) Situation : LIFO is used. b. Prices are folling Situation CFF sed 12Shuation DUFO is used The best data common to all our shations are: sales, 500 units for $15.000, beginning inventory, 300 units purchase, 100 units ending inventory200 units, and operating perces $4.000. The income tax rates 23. Required 1. Complete the following tabulation for each station. In Stuations and prices rising, assume the following beginning inventory 300 units at $1153,300 purchases, 400 units at $12-34.800 in Stations and prices ling), mere opposite that is, beginning inventory 300 units at $12 - $3,600, Puchos 400 51-54.400, Use periodic inventory procedures PRICES RISING PRICES FALUNO FIFO 15.000 5 15.000 15.500 5 Cost of Beginning intory 3.300 3.300 31000 3.600 Required: 1. Complete the following tabulation for each situation. In Stutions A and B (prices rising), assume the following: beginning inventory, 300 units at $11 - $3,300; purchases, 400 units at 512 54,800. In Situations and prices faling), assume the opposite that is, beginning inventory, 300 units at $12 $3,600, purchases 400 units at $11 = $4,400. Use periodic inventory procedures PRUCES RISING Stuation A Suation FIFO LIFO $ 15.000 $ 15,000 PRICE FALLING Situation Situation FIFO LIFO 15.000 15,000 3,300 3.000 3,800 Sales revenue Cost of goods old Beginning inventory Purchases Goods for sale Erding inventory Cost of goods sold Gross profit Expenses Prome Income Not income 3.300 4.800 8,100 2.400 5,700 300 4,000 5.300 1,500 3.710 4,000 4.000 24. 2. Complete the following sentence: When prices are rising, LIFO When prices are falling, gives a higher net income than effect results 25. 3. Complete the following sentence: The relative effects on the cash position for each situation, When prices are rising. (than derives a more favorable cash position the difference in income tax