Use the following information to complete this exercise: sales, 650 units for $23,100; beginning inventory 400 units; purchases, 500 units; ending inventory, 250 units; and operating expenses, $4,400 Required 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following beginning inventory, 400 units at $16 $6,400; purchases, 500 units at $18-$9,000. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 400 units at $18- $7,200; purchases, 500 units at $16- $8,000. Use periodic inventory procedures Costs Rising Costs Falling Situation A Situation B Situation C Situation D FIFO LIFO FIFO LIFO Sales Revenue Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income S 23,100 $23,100 $23,100 23,100 $ 6,400 9,000 15,400 4,500 0 10,900 12,200 4,400 7,800 2,340 $ 5,460 0 0 4,400 4,400 4,400