Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014), 2,140 units at $35; purchases, 7,890 units at $37, expenses (excluding income taxes), $194,100; ending inventory per physical count at December 31, 2015, 1,630; sales, 8,400 units, sales price per unit, $77; and average income tax rate, 34 percent. value: 1.00 points Required: 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.) Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Inventory Costing Method Units FIFO LIFO Average Cost 2,140 $ 74,900 $ 291,930 $ 60,310 7,890 291,930 10,030 366,830 291,930 60,310 60,310 FIFO LIFO Average Income Statement Sales revenue Cost