Chapter 7 - Inventories and Cost of Goods Sold (Gr... O Saved Courtney Company uses a periodic inventory system. The following data were available: beginning inventory. 2.700 units at $30; purchases. 4,800 units at $35: operating expenses (excluding income taxes). $100.000. ending inventory per physical count at December 31, 1,600 units: sales price per unit, $60, and average income tax rate, 30% points Required: Skipped 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.) eBook Income Statement Units Inventory Costing Method FIFO LIFO Weighted Average Hint Sales Revue Cost of Goods Sold" Reference Operating Expenses Income from Operations Units Units FIFO FIFO LEO Weighted CFO Average cost of Goods Sold Beginning inventos Purchases Goods Able for l o Ending Inventory 2- Between FO and UFO, which method is prefer income from operations, if costs are UFO FO 2. Found UFO, which method is preferable LOG SI BAC PUCASUS Goods Available for Sale Ending Inventory Cost of Goods Sold 0 $ 0 $ 0 $ 0 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? UFO FIFO 2.b. Between FIFO and UFO, which method is preferable in terms of minimizing income taxes, if costs are risir UFO FIFO 3. Between FFO and UFO, which method is preferable in maximizing income from operations, costs are UFO UO Cont> dil AGSIBA 39 DO DOO e Chapter 7 - Inventories and Cost of Goods Sold (Gr... O Saved Courtney Company uses a periodic inventory system. The following data were available: beginning inventory. 2.700 units at $30; purchases. 4,800 units at $35: operating expenses (excluding income taxes). $100.000. ending inventory per physical count at December 31, 1,600 units: sales price per unit, $60, and average income tax rate, 30% points Required: Skipped 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.) eBook Income Statement Units Inventory Costing Method FIFO LIFO Weighted Average Hint Sales Revue Cost of Goods Sold" Reference Operating Expenses Income from Operations Units Units FIFO FIFO LEO Weighted CFO Average cost of Goods Sold Beginning inventos Purchases Goods Able for l o Ending Inventory 2- Between FO and UFO, which method is prefer income from operations, if costs are UFO FO 2. Found UFO, which method is preferable LOG SI BAC PUCASUS Goods Available for Sale Ending Inventory Cost of Goods Sold 0 $ 0 $ 0 $ 0 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? UFO FIFO 2.b. Between FIFO and UFO, which method is preferable in terms of minimizing income taxes, if costs are risir UFO FIFO 3. Between FFO and UFO, which method is preferable in maximizing income from operations, costs are UFO UO Cont> dil AGSIBA 39 DO DOO e
