Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise Inventory (December 31 2019). 3,100 units at $35.20: purchases, 12,200 units at $38.40; operating expenses (excluding income taxes). $214,000; ending inventory per physical count at December 31, 2020, 2,800 units, sales price per unit, $7020; 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 Gross profit 0 0 Exponses (operating) Protax earnings 0 0 Income tax expenso $ 0 Netcomings $ 0 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 Weighted-average cost