14. Required information 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow? Net income Income taxes paid 15. Required information 3. Between FIFO and LIFO, which method is preferable in terms of (al net income and to income taxes paid cash flow), assuming that prices were falling! Morocco DOUDOD TO 13. Required information 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.) Inventory Costing Method FIFO LIFO Units Average Cout Cost of Good Sold Beginning inventory Purchase Goods available for sale Ending inventory Cost of goods sold Income Statement FIFO LIFO Average Cost [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 $38, purchases. 7890 units at $40 expenses (excluding income taxes) $193 600, ending inventory per physical count at December 31, current year, 1690 units, seles 8.300 units sales price per unit, $78, and average income tax rate. 36 percent 12. Required information 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? When pistooted con produces herren d not. lo 13. Required informamon Required 1. Come cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods Round your final answers to rest whole dollar. Do not round your intermediate calculations) FIFO UTO Angel Cofnost Bongiory RON 12 [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 $38. pure rate, 36 percent 12. 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? When one copo fled cours Osho net income 13. Required: 1. Come cost of goods sold and prepare income statements under the FIFOLIFO, and average contentory costing methods. Round your final answers to a whole do y Cunting Method