Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise Inventory (December 31. 2019), 3,150 units at $35.30, purchases, 12,300 units at $38.50; operating expenses (excluding income taxes). $214,500, ending inventory per physical count at December 31, 2020, 2,900 units, sales price per unit, $70.20; 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) 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 Gross profit 0 0 Expenses (operating) Pretax earnings 0 0 Income tax expense Net earnings $ 05 0 2-a. Which method, FIFO or weighted-average cost, is preferable in terms of net earnings? FIFO Weighted average cost 2-6. Which method, FIFO or weighted average cost, is preferable in terms of cash flow? FIFO Weighted average cost