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, 1,300 units at $35, purchases, 3,700 units at $40, operating expenses (excluding income taxes) $93,000; ending inventory per physical count at December 31, 900 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 Weighted Average LIFO Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units FIFO Weighted Average Units FIFO LIFO "Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold