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 Situation A Situation B FIFO LIFO Costs Falling Situation Situation D FIFO LIFO $ $ 23,100 23,100 Sales Revenue $ 23,100 $23,100 $ 6400 9,000 15,400 4,500 S 6,400 9000 15 400 10.900 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Not Income 15400 12,200 4.400 4.400 4.400 4.400 7,800 2340 S 5,460