Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014), 2,000 units at $38; purchases, 7,970 units at $40; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31, 2015, 1,780; sales, 8,190 units; sales price per unit, $79; and average income tax rate, 34 percent

Required:

1.	Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.)

7970

	Inventory Costing Method
Cost of Goods Sold	Units	FIFO	LIFO	Average Cost
Beginning inventory	2,000
Purchases	7,970
Goods available for sale	9,970	0	0	0
Ending inventory
Cost of goods sold

Income Statement	FIFO	LIFO	Average Cost