Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,170 units at $35: purchases. 7.960 units at $37: expenses (excluding income taxes). $193,500: ending inventory per physical count at December 31, 2015, 1.800: sales. 8.330 units: sales price per unit. $78, and average income tax rate, 32 percent. 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.) Inventory Costing Method FIFO LIFO Average Cost Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Units 2,170 7,960 10,130 0 0 1,800 8.330 Income Statement FIFO LIFO Average Cost Sales revenue Cost of goods sold Gross profit Operating expenses Pretax income Income tax expense Net income