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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.)

Inventory Costing Method
Income Statement Units FIFO LIFO Weighted Average
Sales Revenue
Cost of Goods Sold*
Gross Profit
Operating Expenses
Income from Operations
Income Tax Expense
Net Income

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