Daniel Company uses a periodic inventory system. Data for the current year: begi

Question

Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,040 units at $35; purchases, 7,880 units at $37; expenses (excluding income taxes), $193,600; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,240 units; sales price per unit, $78; and average income tax rate, 36 percent. value: 10.00 points Required information Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Round your final answers to nearest whole dollar. Do not round your intermediate calculations.) Costing Metho Cost of Goods Sold Average os Units FIFO LIFO inning in Purchases Goods availabl for sale Ending invento Cost of s sold Income StatementFIFO LIFO Average

Explanation / Answer

income statement pretax income 148,320 144,960 147,629 income tax expense @36% 53395 52186 53146 Net income 94925 92774 94483

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