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Daniel Company uses a periodic inventory system. Data for the current vear: beginning merchandise inventory (ending inventory December 31, prior year), 2,070 units at $38; purchases, 7,900 units at $40; expenses (excluding income taxes), 5193,300 ; ending inventory per physical count at December 31 , current year, 1.720 units; sates, 8.250 units; sales price per unit, $76; and average income tax rate, 36 percent: Required: 1-a. Compute cost of goods sold under the FIFO, LFO, 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 (b) 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 falting? Complete this question by entering your answers in the tabs below. Between FIFO and UFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? Between FIFO and LIFO, which mothod is preferable in terms of (a) net income and (b) income taxes paid (cash flow). ssuming that prices were falting? Complete this question by entering your answers in the tabs below. Prepare incorne staternents under the HFO,IFO, ind average cost inwentory costing methoth. cocs amount from finguted f a 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. Between FIFO and LiFO, which method is preferable in terms of (b) net income and (b) income taxes paid (cash flow)? 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, LFO, and average cost inventory costing methods. 2. Between FIFO and UFO, 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 fatling? Complete this question by entering your answers in the tabs below. Between FIfo and UIFO, whikh incthod is preferable in terms of (o) net income and (b) income taxes paid (cath flew). assuming that prices were talling? Hamitton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1 : Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount
