Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,000 units at $35; purchases, 4,000 units at $40; operating expenses (excluding income taxes), $91,800; ending inventory per physical count at December 31, 800 units; sales price per unit, $80; and average income tax rate, 30 percent. Required: 1. Prepare income statements under the FIFO and weighted average costing methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) X Answer is complete but not entirely correct. Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Inventory Costing Method Units FIFO Weighted Average 4,100 X $ 328,000 X $ 328,000 X 4,100 X 918,000 X 1,045,200 X (590,000) (717,200) 91,800 91,800 (681,800) (809,000) 204,540 X 242,700 X (886,340) (1,051,700) Income tax expense Net income