Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,40...
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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,40 purchases, 3,600 units at $30; operating expenses (excluding income taxes), $101,000; ending inventory per physic December 31,1,700 units; sales price per unit, $65; 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 ave methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs ar 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 ar 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. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average cos methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,40 purchases, 3,600 units at $30; operating expenses (excluding income taxes), $101,000; ending inventory per physic December 31,1,700 units; sales price per unit, $65; 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 ave methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs ar 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 ar 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. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average cos methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)
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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,40 purchases, 3,600 units at $30; operating expenses (excluding income taxes), $101,000; ending inventory per physic December 31,1,700 units; sales price per unit, $65; 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 ave methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs ar 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 ar 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. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average cos methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,40 purchases, 3,600 units at $30; operating expenses (excluding income taxes), $101,000; ending inventory per physic December 31,1,700 units; sales price per unit, $65; 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 ave methods. 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs ar 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 ar 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. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average cos methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) 