! 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), 2,180 units at $36; purchases, 7,890 units at $38; expenses (excluding income taxes), $193,800; ending inventory per physical count at December 31, current year, 1,610 units; sales, 8,460 units; sales price per unit, $79; and 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, LIFO, and average cost inventory costing methods. Req 1A Req 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. intermediate calculations. Round your final answers to the nearest whole dollar amount.) Cost of Goods Sold Beginning inventory Purchases Inventory Costing Method Units FIFO LIFO Average Cost 2,180 $ 78,480 $ 78,480 $ 78,480 7,890 299,820 299,820 299,820 10,070 378,300 378,300 378,300 1,610 61,180 57,960 60,483 8,460 $ 317,120 $ 320,340 $ 317,817 Goods available for sale Ending inventory Cost of goods sold Req 1A Req 1B Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Income Statement FIFO LIFO Average Cost Sales revenue $ 668,340 $ $ 668,340 317,120 668,340 317,817 Cost of goods sold 320,340 Gross profit 351,220 348,000 350,523 Operating expenses Pretax income Income tax expense Net income