Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,300...
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Accounting
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
Income Statement
Units
FIFO
LIFO
Weighted Average
Sales Revenue
Cost of Goods Sold*
Gross Profit
0
0
0
Operating Expenses
Income from Operations
0
0
0
Income Tax Expense
Net Income
$0
$0
$0
Units
FIFO
LIFO
Weighted Average
*Cost of Goods Sold Equation:
Beginning Inventory
Purchases
Goods Available for Sale
0
0
0
0
Ending Inventory
Cost of Goods Sold
0
$0
$0
$0
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