Daniel company uses a periogic inventory system. data for ine current vear: bec inning merchandise inventory $($ending inventory December $31,$ prior year$),2,100$ units at $$38$; purchases, $7,840$ units at $$40$; expenses $($excluding income$519200$; ending inventory per physical count at December :uit ric nounit. S$/$S$\text{'}$and average ime fax rate. $30$ berceiRequired;$1-$a$.$ Compute cost of aoods 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$\mathrm{.}2.$ Between FIFO and LIFO, which method is preferable in terms of $($a$)$ net income and $($b$)$ income taxes paid $($cash flow$)?3.$ Retween FIFO and UFO. which methassuming that prices were falling