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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. 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. Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Snow Pack Corporation is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory turnover at Snow Pack improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inve turnover was 3.1 and its gross profit percentage was 3.7 percent. Why was Arctic Cat more likely than Snow Pack to require a down for LCM/NRV? Complete this question by entering your answers in the tabs below. Calculate the 2018 gross profit percentage. (Round your answer to 1 decimal place.) Snow Pack Corporation is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory turnover at Snow Pack improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its invento turnover was 3.1 and its gross profit percentage was 3.7 percent. Why was Arctic Cat more likely than Snow Pack to require a writ down for LCM/NRV? Complete this question by entering your answers in the tabs below. Calculate the inventory turnover ratio for 2018 and 2017. (Round your answers to 1 decimal place.) Snow Pack Corporation is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions): Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017. 1-b. Calculate the average days to sell inventory for 2018 and 2017. 2. Did inventory turnover at Snow Pack improve or decline in 2018 ? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Snow Pack is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its inver turnover was 3.1 and its gross profit percentage was 3.7 percent. Why was Arctic Cat more likely than Snow Pack to require a n down for LCM/NRV? Complete this question by entering your answers in the tabs below. Calculate the average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Use rounded "Inventory Turnover Ratio" and round your answers to 1 decimal place.) Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 300 units. Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods

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