ework Saved 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, S6,800. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following beginning inventory, 600 units at 514 $8.400 purchases, 700 units at $16 = $11.200. In Situations and D (costs falling), assume the opposite that is, beginning Inventory, 600 units at $16 = $9,600. purchases. 700 units at $14 = 59,800, Use periodic inventory procedures Costs Rising Situation FIFO Situation UFO $ Costs Falling Situation Situation FIFO LIFO $ 29 400 $ 5 29 400 29.400 29.400 $ 8.400 11 200 19600 7200 Sales Revond 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 6.800 6 800 6,800 12.400 17.000 6,800 10.200 3,060 7.140 $