Need HELP !!!! Don't know what to do for the wrong ones and the rest of the graph! With explanations please !! thank you!!! Return to cRequired information[The following information applies to the questions displayed below.]Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (endinginventory December 31, prior year), 2,170 units at $36; purchases, 7,820 units at $38; expenses (excluding income taxes),$192,900; ending inventory per physical count at December 31, current year, 1,630 units; sales, 8,360 units; sales price perunit, $80; and average income tax rate, 32 percent.Required:1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.(Round your final answers to nearest whole dollar. Do not round your intermediate calculations.)8 Answer is complete but not entirely correct.Inventory Costing MethodAverageCostCost of Goods SoldUnitsFIFOLIFO$ 78,120297,160$ 78,120$ 78,120Beginning inventoryPurchasesGoods available forsale2,17007,820297,160297,1609,990375,280375,280375,280Ending inventory1,63061,94058,68061,232Cost of goods sold8,3602$317,680$ 2,204,352 X $314,048 X Answer is not complete.AverageCostIncome StatementFIFOLIFOSales revenue$ 668,800$ 668,800$ 668,800Cost of goods sold314,048Operating expensesIncome tax expenseNet income

The question is based on the concept of Cost Accounting.

Required information [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), 2,170 units at $36; purchases, 7,820 units at $38; expenses (excluding income taxes), $192,900; ending inventory per physical count at December 31, current year, 1,630 units; sales, 8,360 units; sales price per unit, $80; and average income tax rate, 32 percent.

Required information [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), 2,170 units at $36; purchases, 7,820 units at $38; expenses (excluding income taxes), $192,900; ending inventory per physical count at December 31, current year, 1,630 units; sales, 8,360 units; sales price per unit, $80; and average income tax rate, 32 percent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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