Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units at $30; purchases, 4,500 units at $40; operating expenses (excluding income taxes), $99,000; ending inventory per physical count at December 31, 1,500 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Units FIFO LIFO Weighted Average $ *Cost of Goods Sold Equation: Beginning Inventory r Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 1,500 4,500 6,000 1,500 4,500 $ 45,000 180,000 225,000 42,000 $ 183,000 $ 45,000 180,000 225,000 37,500 $ 187,500 45,000 180,000 225,000 56,250 168,750 ; $ Inventory Costing Method FIFO LIFO Weighted Average Income Statement Units Sales Revenue Cost of Goods Sold* Gross Profit 0 0 Operating Expenses Income from Operations Income Tax Expense 99,000 (99,000) 99,000 (99,000) 0 99,000 (99,000) Net Income $ (99,000) $ (99,000) $ (99,000)