courtney company uses a periodic inventory system. the following data were available: beginning inventory, 1,200 units at $30; purchases, 3,600 units at $34; operating expenses (excluding income taxes), $90,000; ending inventory per physical count at december 31, 850 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?
