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Chapter 7 HW instructions o Question 10 (of 19) Save & Exit Sub 10 . points E7-8 Evaluating the Effects of Inventory Methods on Income
Chapter 7 HW instructions o Question 10 (of 19) Save & Exit Sub 10 . points E7-8 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 folowing data were available: beginring inventory, 1,600 units at $30, purchases, 3,400 units at $35, operaing expenses (excluding income taxes) $94,500, ending inventory per physical count at December 31, 1,050 units, sales price per unit, $80, and average ncome tax rates 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate caiculations.Round your final answers to the nearest dolar amount) Inventory Costing Method income Statement Units FIFO LIFO Weighted Saies Revenue Cost of Goods Sold Gross Proft Operaing Expeeses Income from Operations Income Tax Expense
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