Use the following information to complete this exercise: sales, 850 units for $29,400; beginning inventory, 600 units; purchases, 700 units; ending inventory, 450 units; and operating expenses, $6,800. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 units at $14 = $8,400; purchases, 700 units at $16 = $11,200. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 600 units at $16 = $9,600; purchases, 700 units at $14 = $9,800. Use periodic inventory procedures. Costs Falling Situation C Situation D FIFO LIFO $ 29,400 29,400 $ 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%) Costs Rising Situation A Situation B FIFO LIFO $ 29,400 $ 29,400 8,400 $ 8,400 11,200 11,200 19,600 19,600 7,200 12,400 19,600 17,000 6,800 6,800 6,800 6,800 10,200 3,060 7,140 Net Income $