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Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory...

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Accounting

Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,060 units at $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $193,200; ending inventory per physical count at December 31, current year, 1,720 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 34 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.

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