Help Save & Exh Submit Check my work fo in to! || OO 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 lending Inventory December 31. prior year), 2,010 units at $35; purchases, 7,990 units at $37; expenses (excluding income taxes), $193,700, ending inventory per physical count at December 31, current year, 1640 units, sales, 8.360 units, sales price per unit, $75; and average income tax rate, 36 percent. net income and (income taxes paid cash flow), assuming that 3. Between FIFO and LIFO, which method is preferable in terms of prices were falling? produces higher net income When prices are falling, the opposite effect occurs and less favorable cash flow than does