Chapter 7 Homework Swand Help Save & Exit Submit Check my work 2 Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1.500 units at $30: purchases, 4.500 units at $40: operating expenses (excluding Income taxes). $99,000: ending Inventory per physical count at December 31, 1,300 units, sales price per unit, $70, and everage income tex rate, 30%. 3 points Required: Skipped 1. Prepare Income statements under the FIFO.LIFO, and welghted average costing methods. [Do not round Intermediate calculations. Round your final answers to the nearest dollar amount.) - 22 Inventory Coating Method FIFO Weighted LIFO Average Income Statement Unite HT. 0 0 Sales Reverie Cost of Gulur Suld Gruss Profit Operating Expenses Income from Operators Income Tax Expense Refererces 0 0 Nct ncome $ $ 0 $ 0 $ Units FIFO LIFO Weighted Average "Cost of Goods Sald Equation: Beginning invertory Purchases Goads Available for an Erding Irwatory Coat of Goods Sok 0 11 a 0 $ 0 3 2-a. Between FIFO and LIFO. which method is preferable in terms of maximizing Income from operations. If costs are risind? Chapter 7 Homework @ Baumas Help Save & Exit Submit Check my work 2 3 Skin 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations if costs are rising? LIFO . FIFO wak Hoi 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes. if costs are rising? LIFO FIFO 3-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling? LIFO FIFO 3-5. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes. If costs are falling? LIFO FIFO