Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1, 800 units at $40: purchases, 4, 200 units at $42: operating expenses (excluding income taxes), $95, 500: ending inventory per physical count at December 31, 1, 150 units: sales price per unit, $60: and average income tax rate, 30%. Required: Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? LIFO FIFO b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? LIFO FIFO a. Between FIFO and LIFO. which method is preferable in terms of maximizing income from operations, if costs are falling? LIFO FIFO b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? LIFO FIFO