Business, 18.03.2021 01:50 cassidy32504

Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,160 units at $37; purchases, 7,920 units at $39; expenses (excluding income taxes), $193,500; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,400 units; sales price per unit, $77; 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.

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