Use the following information to complete this exercise: sales, 850 units for $21,600; beginning inventory, 600 units; purchases, 700 units; ending inventory, 450 units; and operating expenses, $7,600. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 600 units at $10 = $6,000; purchases, 700 units at $12 = $8,400. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 600 units at $12 = $7,200; purchases, 700 units at $10 = $7000. Use periodic inventory procedures. Costs Falling Situation C Situation D FIFO LIFO $ $ 21,600 21,600 Sales Revenue Costs Rising Situation A Situation B FIFO LIFO $ 21,600 $21,600 $ 6,000 8,400 14,400 0 5,400 9,000 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 12,600 7,600 5,000 7,600 7,600 7,600 1,500 $ 3,500