Required 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: D (costs falling), assume the opposite; that is, beginning inventory. 600 units at $8- $4,800: purchases, 700 units at $8- $4,200. Use periodic inventory procedures beginning inventory, 600 units at 38 $3,600; purchases, 700 units at $8-$5,600. In Situations C and osts Falling Situation A Situation B Situation C Situation D LIFO FIFO LIFO s 13,800 $13,800 13,800 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%) Net Income 13,800 3,600 5,600 9.200 3,600 5,600 8,200 5.400 2,800 840 S 1.960 5,400 5.400 5.400