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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

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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, 1,800 units at $40: purchases, 4.200 units at $42; operating expenses (excluding income taxes) $95,500; ending inventory per physical count at December 31, 1,150 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 FIFO LIFO Weighted Average Income Statement Units 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

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