Required information 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), 2,180 units at $35; purchases, 7,920 units at $37; expenses (excluding income taxes), $193,700; ending inventory per physical count at December 31, current year, 1,650 units; sales, 8,450 units; sales price per unit, $75; and average income tax rate, 32 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 Req 1B Compute cost of goods sold 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.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory 2,180 Purchases 7,920 Goods available for sale 10,100 0 0 0 Ending inventory 1,650 Cost of goods sold 8,450 < Req 1A Req 1B > Complete this question by entering your answers in the tabs below. Req 1A Req 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