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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,800 units at $35; purchases, 4,200 units at $37; operating expenses

image text in transcribedimage text in transcribed Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,800 units at \$35; purchases, 4,200 units at $37; operating expenses (excluding income taxes), $97,500; ending inventory per physical count at December 31,1,350 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 the income statements and the cost of goods sold calculation under the FIFO, methods. (Do not round intermediate calculations. Round your final answers to the neare

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