Transcribed Image Text: Courtney Company uses a periodic inventory system

Transcribed Image Text: Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,400 units at $25;
purchases, 5,100 units at $30; operating expenses (excluding income taxes), $98,500; ending inventory per physical count at
December 31, 1,450 units; sales price per unit, $60; and average income tax rate, 30%.
Required:
1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate
calculations. Round your final answers to the nearest dollar amount.)
Inventory Costing Method
Weighted
Average
Income Statement
Units
FIFO
LIFO
Sales Revenue
Cost of Goods Sold*
126,000
Gross Profit
Operating Expenses
Income from Operations
Income Tax Expense
Net Income
$
0 $
0 $
Weighted
Average
Units
FIFO
LIFO
*Cost of Goods Sold Equation:
Beginning Inventory
60,000
Purchases
153,000
Goods Available for Sale
213,000
Ending Inventory
87,000
Cost of Goods Sold
126,000 $
0 $
0 $

-25-


Buy plagiarism free, original and professional custom paper online now at a cheaper price. Submit your order proudly with us



Essay Hope