Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,800 units at $35; purchases, 4,200 units at $37; operating expenses (excluding income taxes), $97,500; ending inventory per physical count at December 31, 1,350 units; sales price per unit, $70; 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 Weighted Average Income Statement Units FIFO LIFO Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income 1,350 (168,450) 97,500 (265,950) 97,500 97,500 (97,500) (97,500) S (265,950) (97,500)$ (97,500) Weighted Average Units FIFO LIFO Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold