Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory $($ending inventory December $31,$ prior year$),2,070$ units at $$37$; purchases, $7,840$ units at $$39$; expenses $($excluding income taxes$),$ $$193,400$; ending inventory per physical count at December $31,$ current year, $1,630$ units; sales, $8,280$ units; sales price per unit, $$76$; and average income tax rate, $30$ percent.

Required:

$1.$ Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. $($Round your final answers to nearest whole dollar. Do not round your intermediate calculations.$)$