E7-8 Evaluating the Effects of Inventory Methods on Income from Operations, Income Taxes, and Net Income (Periodic) [LO 7-3] Courtney Company uses a periodic inventory system. The following data were available: beginning inventory. 1.400 units at $25. purchases, 5,600 units at $30; operating expenses (excluding income taxes). $99,500; ending inventory per physical count at December 31, 1,200 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 FIFO L IFO Weighted Income Statement Units Average 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