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), 2,080 units at $37, purchases, 7,880 units at $39: expenses (excluding income taxes). $193,200; ending Inventory per physical count at December 31, current year, 1,620 units; sales, 8,340 units; sales price per unit, $79; 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. Reg 1A Reg 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.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 0 0 RA Req 18 > Reg 1A Reg 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