Use the following information to complete this exercise: sales, 1,150 units for $31,500; beginning inventory. 900 uni units; ending inventory, 750 units, and operating expenses, $6,600. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning invent $10 = $9,000; purchases, 1,000 units at $12 = $12,000. In Situations C and D (costs falling), assume the opposite: Inventory, 900 units at $12 = $10,800; purchases, 1,000 units at $10 = $10,000. Use periodic inventory procedures Costs Rising Situation A Situation B FIFO Costs Falling Situation C Situation D FIFO LIFO $ $ 31,500 31,500 LIFO Sales Revenue $ 31,500 $31,500 $ 9,000 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 12,000 21,000 9,000 0 12,000 0 0 0 19.500 6,600 12,900 6,600 6,600 Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 6,600 3,870 $ 9,030