Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,000 units at $25; purchases, 4,000 units at $40; operating expenses (excluding income taxes), $96,500; ending inventory per physical count at December 31, 1,250 units; sales price per unit, $80; 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.) Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units Inventory Costing Method FIFO LIFO Weighted Average
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,000 units at $25; purchases, 4,000 units at $40; operating expenses (excluding income taxes), $96,500; ending inventory per physical count at December 31, 1,250 units; sales price per unit, $80; 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.) Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units Inventory Costing Method FIFO LIFO Weighted Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,000 units at $25;
purchases, 4,000 units at $40; operating expenses (excluding income taxes), $96,500; ending inventory per physical count at
December 31, 1,250 units; sales price per unit, $80; 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.)
Income Statement
Sales Revenue
Cost of Goods Sold*
Gross Profit
Operating Expenses
Income from Operations
Income Tax Expense
Net Income
Units
Inventory Costing Method
FIFO
LIFO
Weighted
Average
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