Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,030 units at $36; purchases, 7,880 units at $38; expenses (excluding income taxes), $193,700; ending inventory per physical count at December 31 , current year, 1,790 units; sales, 8,120 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 miethods. 2. Between FIFO and L.FO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? 3. Between FIFO and UFO, which method is preferable in terms of (a) net income and (b) Ancome taxes paid (cash flow), assuming that prices were falling? Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, UFO, and average cost inventory costing methods. Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount