Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise inventory (December 31, 2019), 3,650 units at $36.30; purchases, 13,300 units at $40.50; operating expenses (excluding income taxes). $219,500, ending inventory per physical count at December 31, 2020, 3,600 units, sales price per unit, $70.50; 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 Units FIFO Weighted Average Sales revenue Cost of sales: Beginning inventory Purchases Cost of goods available for sale 0 0 0 Ending inventory Cost of sales 0 0 0 0 0 Gross profit Expenses (operating) 0 0 Protax earnings Income tax expense $ 0 $ 0 Net earnings 2-a. Which method, FIFO or weighted average cost, is preferable in terms of net earnings? O FIFO Weighted average cost 2-b. Which method, FIFO or weighted-average cost, is preferable in terms of cash flow? O FIFO O Weighted average cost 3. This part of the question is not part of your Connect assignment