Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,090 units at $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,270 units; sales price per unit, $78; and average income tax rate, 34 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. 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? Complete this question by entering your answers in the tabs below. Req 1a Req 1b Req 2 Req 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount. Cost of Goods Sold Units Inventory Costing Method FIFO LIFO Average Cost Beginning inventory 2,090 $ 75,240 $ 75,240 $ 75,240 Purchases 7,860 298,680 298,680 298,680 Goods available for sale 9,950 373,920 373,920 373,920 Ending inventory 1,680 63,840 60,480 Cost of goods sold 8,270 $ 310,080 $ 313,440 < Req 1a Req 1b >