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

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 irventory 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. Required: 1.a. Compute cost of goods sold under the FIFO, LFF, and average cost inventory costing methods: 1.b. Prepare income statements under the FFO, LFFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (De not round your intermediate calculations.) 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. Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods, -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. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.)