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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
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%. 0.55 points Required: Skipped 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.) eBook Inventory Costing Method FIFO FIFO Weighted L IFO Average Income Statement Units Print I I References Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income 0 0 0 $ 0 $ 0 $ 0 Units FIFO L IFO Weighted Average *Cost of Goods Sold Equation: Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 0 0 0 0 $ 0 $ 0 $ 0
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