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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2, 100 units at $30; purchases, 4, 900 units at $35;
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2, 100 units at $30; purchases, 4, 900 units at $35; operating expenses (excluding income taxes), $97,000; ending inventory per physical count at December 31, 1, 300 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.)
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