Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,020 units at $37; purchases, 8,000 units at $39; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31 , current year, 1,770 units; sales, 8,250 units; sales price per unit, $79; and average income tax rate, 30 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. 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. \begin{tabular}{|l|c|c|} \hline \multicolumn{1}{|c|}{ Income Statement } & FIFO & LIFO \\ \hline Sales Revenue & & \\ \hline Cost of goods sold & & \\ \hline Gross profit & & \\ \hline Operating expenses & & \\ \hline Pretax income & & \\ \hline Income tax expense & & \\ \hline Net income & & \\ \hline \hline \end{tabular} Between FIFO and LIFO, which meths