1-b

Required information (The following information applies to the questions displayed below.] Daniel Company uses a periodic Inventory system. Data for the current year: beginning merchandise Inventory (ending inventory December 31, prior year), 2,020 units at $38; purchases, 7.820 units at $40; expenses (excluding income taxes), $194,300; ending inventory per physical count at December 31, current year, 1,700 units, sales, 8,140 units, sales price per unit, $76, and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Income Statement FIFO $ 618.640 L IFO S 618,640 Average Cost 618.640 $ Sales revenue Cost of goods sold Gross profit Operating expenses Prelax income Net income