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, 1,550 units; sales price per unit, $70; and average income tax rate, 30 % . Required: 1. Prepare income statements under the FIFO, LIFO, and weighted the nearest dollar amount.) answers Inventory Costing Method Weighted Average Units FIFO LIFO Income Statement Sales Revenue Cost of Goods Sold* Gross Profit 0 0 Operating Expenses Income from Operations 0 Income Tax Expense $ Net Income Weighted Average Units FIFO LIFO Cost of Goods Sold Equation: Beginning Inventory Purchases Goods Available for Sale 0 0 0 Ending Inventory 0S $ $ 0 0 Cost of Goods Sold