Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,000 units at $45; purchases, 4,000 units at $50; operating expenses (excluding income taxes), $92,600; ending inventory per physical count at December 31, 800 units; sales price per unit, $90; 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.)

Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,000 units at $45; purchases, 4,000 units at $50; operating expenses (excluding income taxes), $92,600; ending inventory per physical count at December 31, 800 units; sales price per unit, $90; 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.) Inventory Costing Method FIFO Weighted Average Units 0 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Income tax expense Net income 0 0 0 0 2-a. Which method is preferable in terms of maximizing income from