Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $37; purchases, 8,000 units at $39, expenses (excluding income taxes). $194,500; ending inventory per physical count at December 31, current year, 1,730 units; sales, 8,320 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 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.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory Purchases Goods available for sale 2,050 0 0 0 Ending inventory Cost of goods sold 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), 2,050 units at $37; purchases, 8,000 units at $39; expenses (excluding income taxes). $194,500; ending inventory per physical count at December 31, current year, 1,730 units; sales, 8,320 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B 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 LIFO Average Cost Required information [The following information applies to the questions displayed below] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Unit Units Cost Inventory, December 31, prior year For the current years Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) 7,400 $12 19,400 10 10,400 8,400 6 16,400 Operating expenses (excluding income tax expense) $404,000 es Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B LIFO (Loss amounts should be indicated with a minus sign.) GIVOLY INC. Income Statement For the Year Ended December 31, current year Sales revenue Cost of goods sold Case A FIFO Goods available for sale Cost of goods sold Pretax incomeloss Case B LIFO + Required information. [The following information applies to the questions displayed below.] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Purchase, March 5 Inventory, December 31, prior year For the current year: Purchase, September 19 Sale ($27 each) Sale ($29 each) Cost 7,400 $12 19,400 10 10,400 6 8,400 Operating expenses (excluding income tax expense) 16,400 $404,000 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Comparison of Amounts Case A FIFO Pretax income Ending inventory Case B LIFO Difference