Daniel company uses a periogic inventory system. data for ine current vear: bec inning merchandise inventory $($ending inventory December $31,$ prior year$),2,100$ units at $$38$; purchases, $7,840$ units at $$40$; expenses $($excluding income$519200$; ending inventory per physical count at December :uit ric nounit. S$/$S$\text{'}$and average ime fax rate. $30$ berceiRequired;$1-$a$.$ Compute cost of aoods sold under the FIFO, LIFO, and average cost inventory costing methods$1-$b$.$ Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods$\mathrm{.}2.$ Between FIFO and LIFO, which method is preferable in terms of $($a$)$ net income and $($b$)$ income taxes paid $($cash flow$)?3.$ Retween FIFO and UFO. which methassuming that prices were falling

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Req $1$a

Req $2$

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar am

$\backslash$table$[[\backslash$table$[[$Cost of Goods Sold$],[$Beginning inventory$]],$Inventory Costing Method$],[,$FIFO,LIFO,Average Cost$],[,$$$,79,800,$$$,79,800,$$$,79,800],[$Purchases$,7,840,,313,600,,313,600,,313,600],[$Goods available for sale,$9,940,,393,400,,393,400,,393,400],[$Ending inventory,$1,720,,68,800,,65,360,,68,073],[$Cost of goods sold,$8,220,$$$,324,600,$$$,328,040,$$$,325,327]]$