ANSWER NOW!!! Daniel Company uses a periodic inventory system. Data for 2015:...
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Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31,2014 ), 2,010 units at $35; purchases, 7,860 units at $37; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31, 2015, 1,790; sales, 8,080 units; sales price per unit, $75; and average income tax rate, 32 percent. Required: 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate colculations.)
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