Business, 18.03.2021 01:10 Fangflora3

Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $194,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. Required:
Compute cost of goods sold and prepare income statements under the FIFO, LIFO.

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Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise in...