Question
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
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, 1,300 units; sales price per unit, $70; and average income tax rate, 30%.
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.)
income statment | units | FIFO | LIFO | weighted average |
sales revenue | ||||
cost of goods sold | ||||
gross profit | ||||
operating expenses | ||||
income from operations | ||||
income tax expense | ||||
net income |
Weighted Average Units FIFO LIFO *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale 0 0 0 Ending Inventory Cost of Goods Sold O $ 0 $ 0 $ 0
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