Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,060 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes), $192,700; ending inventory per physical count at December 31, current year, 1,630 units; sales, 8,260 units; sales price per unit, $77; and average income tax rate, 36 percent.

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.

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), 2,060 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes), $192,700; ending inventory per physical count at December 31, current year, 1,630 units; sales, 8,260 units; sales price per unit, $77; 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 Sales revenue $636,020 $ 636,020 $ 636,020 Cost of goods sold Gross profit Operating expenses 192,700 192,700 192,700 Pretax income Income tax expense Net income