E7-8 Evaluating the Effects of Inventory Methods on Income from Operat Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,600 units at $30; purchases, 3,400 units at $35; operating expenses (excluding income taxes), $94,500; ending inventory per physical count at December 31, 1,050 units; sales price per unit, $80; 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 Sales Revenue Cost of Goods Sold Gross Profit Units FIFO LIFO Income from Operations Income Tax Expense Net Income 0 Weighted Average Units FIFO LIFO Cost of Goods Sold Equation: 1,600 $ 48,000 $ 48,000 48,000 3,400119.000 5,000167,000 1,050 3,950 $ 167,000 S 167,000 S 167,000 Beginning Inventory Purchases 119,000 119,000 Goods Available for Sale 167,000 167,000 Ending Inventory Cost of Goods Sold