Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1.600...
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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1.600 units at $30; purchases, 3,400 units at $35; operating expenses (excluding income taxes). $94,500; ending inventory per physical count at December 31, 1,050 units; sales price per unit, $80; and average income tax rate, 30%. Required: 1. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? 3-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Reg Req 3B Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? OLIFO FIFO
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