57.8 Evaluating the Effects of Inventory Methods on Income from Operations Income Taxes, and Net Income (Periodic) LO 7-3] Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,400 units at $25; purchases, 5,600 units at $30; operating expenses (excluding income taxes), $99,500; ending inventory per physical count at December 31, 1,550 units; sales price per unit, $70; 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 Statement Units FIFO LIFO Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income 5,450 99,500 99.500 99,500 (99,500)(99,500)(99,500) (99,500) $ (99,500) (99,500o) Units FIFO LIFOWe Weighted Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Type here to search