The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2020: Sales of merchandise for cash Sales of merchandise on credit Cost of sales Selling expenses Administrative expenses Sales returns and allowances Bad debt expense Items not included in the above amounts: Average income tax rate, 30% Number of common shares outstanding, 5,000 $234,000 39,000 161,000 41,600 20,400 8,400 780 Required: 1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit/(loss) and earnings from operations). (Round "Earnings per share" to 2 decimal places.) SLATE, INC. $ 273,000 8,400 264,600 Statement of Earnings For the Year Ended December 31, 2020 Net sales revenue Less: Sales returns and allowances Gross sales Cost of sales Gross margin on sales Operating expenses: Selling expense Administrative expense 161,000 103,600 Bad debt expense 0 Earnings before income tax 103,600 S 103,600 Earnings per share Courtney Company uses a periodic inventory system. Data for 2020 are as follows: beginning merchandise inventory (December 31, 2019), 4,000 units at $37.00; purchases, 14,000 units at $43.10; operating expenses (excluding income taxes), $223,000; ending inventory per physical count at December 31, 2020, 4,000 units; sales price per unit, $72.20; and average income tax rate, 40 percent. Required: 1. Prepare statements of earnings under the FIFO and weighted average costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar.) Statement of Earnings (Partial) Inventory Costing Method Units FIFO Weighted Average Sales revenue Cost of sales: 0 0 0 0 0 0 Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of sales Gross profit Expenses (operating) Pretax earnings Income tax expense Net earnings 0 0 0 0 $ 0 $ 0