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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
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, 2,400 units at $25 purchases, 5,100 units at $30, operating expenses (excluding income taxes), $98,500: ending inventory per physical count at December 31, 1,450 units; sales price per unit, $60; and average income tax rate, 30%. Dook 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.) Hint Inventory Costing Method Print Weighte e Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income References FIFO LIFO Cost of Goods Sold Equation Beginning Inventory Goods Available for Sale Ending Inventory Cost of Goods Sold
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