Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,000 units at $35; purchases, 4,000 units at $38; operating expenses (excluding income taxes), $91,500; ending inventory per physical count at December 31, 900 units: sales price per unit, $75; 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.) Inventory Costing Method FIFO LIFO Weighted Average Income Statement Units Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units FIFO LIFO Weighted Average "Cost of Goods Sold Equation: Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? OLIFO O FIFO 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, If costs are rising? OLIFO O FIFO 3-3. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? OLIFO O FIFO 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? OLIFO O FIFO