Use the following information to complete this exercise: sales, 850 units for $25,500; beginning inventory, 600 units; purchases, 700 units; ending inventory, 450 units; and operating expenses, $5,200. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 units at $12 = $7,200; purchases, 700 units at $14 = $9,800. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 600 units at $14 = $8,400; purchases, 700 units at $12 = $8,400. Use periodic inventory procedures. Costs Rising Situation A Situation B FIFO LIFO Costs Falling Situation C Situation D FIFO LIFO $ $ 25,500 25,500 Sales Revenue $ 25,500 $25,500 $ 7,200 9,800 17,000 6,300 0 0 0 0 0 0 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 5,200 5,200 5.200 10,700 14,800 5,200 9,600 2,880 $ 6,720