Use the following information to complete this exercise: sales, 950 units for $20,400; beginning inventory 700 units; purchases, 800 units, ending inventory, 550 units; and operating expenses, $7,800 Required 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following beginning inventory, 700 units at $8 $5,600; purchases, 800 units at $10 $8,000. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 700 units at $10 $7,000 purchases, 800 units at $8 $6,400. Use periodic inventory procedures Costs Rising Costs Falling Situation A Situation B Situation C Situation D FIFO LIFO FIFO LIFO 20,400 Sales Revenu 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 $20,400 $ 20,400 20,400 $ 5,600 8,000 13,600 5,500 8,100 12,300 7,800 4,500 1,350 $ 3,150 7,800 7,800 7,800