Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise inventory (December 31, 2019). 4,000 units at $37.00, purchases, 14.000 units at $4310, operating expenses (excluding income taxes), $223,000; ending inventory per physical count at December 31, 2020, 4.000 units, sales price per unit, $72.20; and average income tax rate, 40 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) Units Statement of Earnings (Partial) Inventory Costing Method 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 Gross profit 0 0 Expenses (operating) Pretax earnings 0 0 Income tax expense Net earnings $ 03 0 - 2-0 Which method. FIFO or weighted average cost, is preferable in terms of net eamings? OFIFO Weighted average cost