8 Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory. 1.200 units at $40. purchases, 4,800 units at $45; operating expenses (excluding income taxes). $92,500, ending inventory per physical count at December 31, 1,000 units; sales price per unit. $85; and average income tax rate, 30 percent. 10 points Required: 1. Prepare Income statements under the FIFO and weighted average costing methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Inventory Costing Method FIFO Welghted Average References Unita 0 0 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Income tax expenso Net Income 0 0 0 2-a. Which method is preferable in terms of maximizing income from operations? FIFO Weighted Average UFO 2b. Which method is preferable in terms of minimizing income taxes? FIFO Weighted Average LIFO