Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31,...
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Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Average Cost Income Statement FIFO LIFO ales revenue Cost of goods sold Gross profit ncome tax expense
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