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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1, 100 units at $25; purchases, 3, 300 units at $35;
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1, 100 units at $25; purchases, 3, 300 units at $35; operating expenses (excluding income taxes), $92,000; ending inventory per physical count at December 31, 800 units; sales price per unit, $80; and average income tax rate, 30%. 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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