Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,130 units at $36; purchases, 7,970 units at $38; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,440 units; sales price per unit, $78; and average income tax rate, 36 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.

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. Complete this question by entering your answers in the tabs below. Compute cost of goods sold 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.) Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. I-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. 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.) 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), 2,130 units at $36; purchases, 7,970 units at $38; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31 , current year, 1,660 units; sales, 8,440 units; sales price per unit, \$78; and average income tax rate, 36 percent. 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? 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), 2,130 units at $36; purchases, 7,970 units at $38; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,440 units; sales price per unit, \$78; and average income tax rate, 36 percent. . Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that rices were falling