! Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014), 2,100 units at $35; purchases, 7,950 units at $37; expenses (excluding income taxes), $193,500; ending inventory per physical count at December 31, 2015, 1,790; sales, 8,260 units; sales price per unit, $77; and average income tax rate, 31 percent. Required: 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory 2,100 Purchases 7,950 Goods available for sale 10,050 0 0 0 Ending inventory 1,790 Cost of goods sold 8,260