$!$

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 $($ending inventory December $31,$ prior year$),2,000$ units at $$38$; purchases, $8,000$ units at $$40$;

expenses $($excluding income taxes$),$ $$184,500$; ending inventory per physical count at December $31,$ current

year, $1,800$ units; sales, $8,200$ units; sales price per unit, $$75$; and average income tax rate, $30$ 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, LIFO, and average cost inventory costing methods.

Complete this question by entering your answers in the tabs below.

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing

methods. $($Do not round your intermediate calculations.$)$