3.Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling?

0 X I Homework X Question 7 - Chapter 7 Homewol X + X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.... . .. Apps Kylie School () Kylie Office 365 42 ParentVUE & Kylie Reading ProgroFormative Kylie-Seesaw PaymentPeachcare 2 Portal Login Blue Cross Blue Shi.. Chapter 7 Homework Saved Help Save & Exit Submit at Check my work 7 Required information Part 3 of 3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise 1.65 inventory (ending inventory December 31, prior year), 2,100 units at $38; purchases, 7,990 units at $40; ist points expenses (excluding income taxes), $193,700; ending inventory per physical count at December 31, current year, 1,650 units; sales, 8,440 units; sales price per unit, $78; and average income tax rate, 32 percent. eBook 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), Print assuming that prices were falling? References Net income Income taxes paid (cash flow) Mc Graw Hill Type here to search O M N 9 3 9:28 PM a 1/28/2021