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Accounting

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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),2,000 units at $38; purchases, 8,000 units at $40;
expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current
year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent.
Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)?
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