Question

Corse Print​ Supplies, Inc., sells laser printers and supplies. Assume Corse started the year with 90 containers of ink​ (average cost of $ 9.20 ​each, FIFO cost of $ 8.80 ​each, LIFO cost of $ 7.90 ​each). During the​ year, the company purchased 720 containers of ink at $ 10.10 and sold 580 units for $ 22.00 each. Corse paid operating expenses throughout the​ year, a total of $ 3 comma 900. Ignore income taxes for this exercise. Prepare Corse​'s income statement for the current year ended December 31 using the​ average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income statement​ labels, and then calculating the amounts for each of the three required inventory methods.​ (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole​ dollar.) Corse Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost Sales revenue $12,760 Cost of goods sold ? Gross profit ? Operating expenses 3,900 Net income ?

Answer 1