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), 2,100 units at $35; purchases, 7,810 units at $37; expenses (excluding income taxes), $192,600; ending inventory per physical count at December 31, current year, 1,700 units; sales, 8,210 units; sales price per unit, $78; 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 Sales revenue Cost of goods sold $ 303,770 $ 303,770 $ (299,570) (302,970) Average Cost 303,770 (300,290) Gross profit 4,200 X 3,480 X 800 X 288 Income tax expense X 1,512 x 1,253 Net income 2,688 X $ 512 2,227