Check my work 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), 2,010 units at $35; purchases, 7,990 units at $37; expenses (excluding income taxes). $193,700, ending inventory per physical count at December 31, current year, 1,640 units; sales, 8,360 units; sales price per unit, $75; and average income tax rate, 36 percent. Required: 1. Compute cost of goods sold and prepare Income statements under the FIFO, LIFO, and average cost inventory costing methods. (Round your final answers to nearest whole dollar. Do not round your intermediate calculations.) Inventory Costing Method FIFO L IFO Units Average Cost S 7 Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold ,990 7,990 1,640 295,630 295,630 6 0,680 2 95,630 295,630 57.400 295,630 2 95,630 Income Statement FIFO $ 627,000 L IFO $ 627.000 Average Cost 627.000 Sales revenue Cost of goods sold Required information Units FIFO LIFO Average Cost of 3 Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 7,990 7,990 1,640 295,630 295,630 60,680 295,630 295,630 57,400 295,630 295,630 ok LIFO Average Income Statement Sales revenue Cost of goods sold FIFO 627,000 $ ences $ 627,000 $ 627,000 Gross profit Operating expenses Pretax income Income tax expense Net income