Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 3,000 units at $30, purchases, 4,500 units at $35; operating expenses (excluding income taxes), $101,500, ending inventory per physical count at December 31, 1,750 units; sales price per unit, $60, 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. Req 1 Req 2A Req 28 Req 3A Req 38 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.) Inventory Costing Method Income Statement Units FIFO LIFO Weighted Average Sales Revenue 5,750 $ 345,000 $ 345,000 $ 345.000 Cost of Goods Sold 5,750 Gross Profit 345,000 345,000 345,000 Operating Expenses Income from Operations Income Tax Expense Net Income "Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale 0 Ending Inventory Cost of Goods Sold 345,000 345,000 345,000 $ 345,000 $ 345,000 $ 345,000 0 0 05 0 S 0 $ 0 Req 2A >