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Courtney Company uses a periodic inventory system. Data for 2012: beginning merchandise inventory (December 31, 2011), 1,800 units at $35; purchases, 4,200 units at $37;
Courtney Company uses a periodic inventory system. Data for 2012: beginning merchandise inventory (December 31, 2011), 1,800 units at $35; purchases, 4,200 units at $37; operating expenses (excluding income taxes), $97,500; ending inventory per physical count at December 31, 2012, 1,350 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.)
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