Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at December 31,850 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? LIFO Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at December 31,850 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at December 31, 850 units; sales price per unit, \$70; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at December 31,850 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at December 31,850 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising