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Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise inventory (December 31, 2019), 3,300 units at $35.60; purchases, 12,600
Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise inventory (December 31, 2019), 3,300 units at $35.60; purchases, 12,600 units at $38.50; operating expenses (excluding income taxes), $216,000; ending inventory per physical count at December 31, 2020, 3,150 units; sales price per unit, $70.70; and average income tax rate, 30 percent. Required: 1. Prepare statements of earnings under the FIFO and weighted average costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar.) Statement of Earnings (Partial) Inventory Costing Method Weighted Units FIFO Average Sales revenue 0 0 0 Cost of sales: Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of sales Gross profit Expenses (operating) Pretax earnings Income tax expense Net earnings 0 0 0 0 0 0 0 $ 0 $ 0
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