Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,200 units at $40; purchases, 4,800 units at $45; operating expenses (excluding income taxes), $92,500; ending inventory per physical count at December 31, 1,000 units; sales price per unit, $85; and average income tax rate, 30 percent. Required: 1. Prepare income statements under the FIFO and weighted average costing methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,200 units at $40; purchases, 4,800 units at $45; operating expenses (excluding income taxes), $92,500; ending inventory per physical count at December 31, 1,000 units; sales price per unit, $85; and average income tax rate, 30 percent. Required: 1. Prepare income statements under the FIFO and weighted average costing methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

Name: Courtney Company uses a periodic inventory system. The following data
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Description: Courtney Company uses a periodic inventory system. The following data was available: beginning merchandise inventory, 1,200 unitsat $40; purchases, 4,800 units at $45; operating expenses (excluding income taxes), $92,500; ending inventory per physic

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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