Daniel Company uses a perlodic Inventory system. Data for the current year: beginning merchandise inventory $($ending Inventory December $31,$ prlor year$),2,020$ units at $\backslash$$$36$; purchases, $7,840$ units at $\backslash$$$38$; expenses $($excluding income taxes$),\backslash$$$193,100$; ending Inventory per physical count at December $31,$ current year, $1,770$ units; sales, $8,090$ units; sales price per unit, $\backslash$$$79$; and average Income tax rate, $34$ percent. Required: $1-$a$.$ Compute cost of goods 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. $2.$ Between FIFO and LIFO, which method is preferable In terms of $($a$)$ net Income and $($b$)$ Income taxes paid $($cash flow$)?3.$ 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Req $3$ Prepare income statements 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 amount. Use the COGS amount from Required $1$a$.$Average Cost