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), 2,090 units at $37; purchases, 7,930 units at $39; expenses (excluding income taxes), $194,400; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,220 units; sales price per unit, $80; 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.) Units Inventory Costing Method FIFO LIFO Average Cost Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Income Statement FIFO LIFO Average Cost