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Required information (T)e fowowing inoroiation applies to the questions dispiayeo below. Daniel Company uses a periodic inventory systern. Data for the current year: beginning merchandise inventory jending inventory December 31, prior year), 2,090 Lints et $38; purchases,, 530 units at $40, expenses (excluding income taxes), $193,500, ending inventory per physical count at December 31, current incorme tax rate, 32 percent. Required: 1. Compute cost of goods sold and prepure income statements under the F:FO, LIFO, and average cost inventory costing methods. (Round your final answers to nearest whole dollar. 0 not round your intermediate calculations.) fequired information TTie folloming inforrstorl eppies to die oustions displeyed beion? Deniel Compeny uses a periodic inventor sysem. Date for the current year: heginning merehandise inwentary iending inwentary Deccrtaer 31, pior ycar), 2,090 units a: 536 , purchases. 7,930 units at 540 . expenses (excluking income taxcsi, \$193,500; ending irventery per physical col th at Decernber 31 , curren income tax rate, 32 parcent. twes peid (cash llow? Required information The ronowng inforoialion appies to the questions disoizped beiom; Canied Comparly uses pariodic inventory syztern. Duta for the currerit year: beginning merchandse inventory iendiny in wentoy December 31. pror year). 2.090 units at $38; purchases, 7,930 units at $40; ckpmoses jexcluding incanc tewesl, $193,500, endinc inwentory per physical count at December 31 , curent year, 1,750 units; sales, 8,270 units; sales prlce per unit, $79; whd werage incarie tax rate, 32 percent. 3. Between FIFO and LIFO, which method is preferelse in terms of 18 net incone and 1 in income