Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,400 units at $25; purchases, 5,100 units at $30; operating expenses (excluding income taxes), $98,500; ending inventory per physical count at December 31, 1,450 units; sales price per unit, $60; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Inventory Costing Method Weighted Average Income Statement Units FIFO LIFO Sales Revenue Cost of Goods Sold* 126,000 Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income $ 0 $ 2$ Weighted Average Units FIFO LIFO *Cost of Goods Sold Equation: Beginning Inventory 60,000 Purchases 153,000 Goods Available for Sale 213,000 Ending Inventory 87,000 Cost of Goods Sold 126,000 $ $ 2$

pp. Subject :- Accounting

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior year. 1,860 $ 3 For the current year: Purchase, March 21 5,180 5 Purchase, August 1 Inventory, December 31, current year 2,980 4,030 6 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost

You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date   Description   Quantity   Unit Cost orSelling Price June   1   Beginning inventory   40     $31   June   4   Purchase   135     34   June   10   Sale   110     61   June   11   Sale return   15     61   June   18   Purchase   55     37   June   18   Purchase return   10     37   June   25   Sale   65     67   June   28   Purchase   35     41