E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 (The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,010 units at $38; purchases, 7,940 units at $40; expenses (excluding income taxes), $193,600; ending inventory per physical count at December 31, current year, 1,760 units; sales, 8,190 units; sales price per unit, $76; and average income tax rate, 36 percent. E7-11 Part 1 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Income Statement FIFO LIFO Average Cost Accounts payable Accounts receivable Cash Cost of goods sold Income tax expense Income tax expense Inventory Operating expenses Sales discount Sales revenue