Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,190 units at $38; purchases, 7,900 units at $40; expenses (excluding income taxes), $193,000; ending inventory per physical count at December 31 , current year, 1,720 units; sales, 8,370 units; sales price per unit, $76; and average income tax rate, 32 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 ame Complete this question by entering your answers in the tabs below. Prepare income statements 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 am COGS amount from Required 1 a. Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (ca Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (c assuming that prices were falling