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), 2,020 units at $36; purchases, 7,880 units at $38; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,720 units; sales, 8,180 units; sales price per unit, $77; 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. 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. Req 1A Req 1B Compute cost of goods sold 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.) Cost of Goods Sold Units Beginning inventory 2,020 Inventory Costing Method FIFO LIFO $ 72,720 $ 72,720 299,440 299,440 372,160 372,160 65,360 61,920 Purchases 7,880 Average Cost $ 72,720 299,440 372,160 64,658 Goods available for sale Ending inventory Cost of goods sold 9,900 1,720 8,180 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. 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 $ 629,860 $ 629,860 $ 629,860 Cost of goods sold