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Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $38; purchases, 7,980 units at $40; expenses (excluding income taxes), $193,600; ending inventory per physical count at December 31, current year, 1,720 units; sales, 8,400 units; sales price per unit, $75; and average income tax rate, 34 percent. Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. l-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Req 1A Req 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.) Cost of Goods Sold Units Beginning inventory Purchases 2,140 7,980 10,120 1,720 Inventory Costing Method FIFO LIFO $ 81,320 $ 81,320 319,200 319,200 400,520 400,520 68,800 65,360 $ 331,720 $ 335,160 Average Cost $ 81,320 319,200 400,520 Goods available for sale 73,340 Ending inventory Cost of goods sold 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. Complete this question by entering your answers in the tabs below. Req 1A Req 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 Sales revenue 630,000 $ 630,000 $ 331,720 630,000 $ 335,160 Cost of goods sold Gross profit Operating expenses 298,280 193,600 294,840 193,600 193,600 Pretax income Net income

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