Copy Center sells laser printers and supplies. Assume Copy Center started the year with containers of ink (average cost of each, FIFO cost of each, LIFO cost of each). During the year, Copy Center purchased containers of ink at and sold units for each. Copy Center paid operating expenses throughout the year, a total of . Ignore income taxes for this exercise. Prepare Copy Center's income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.

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Copy Center sells laser printers and supplies. Watson Copy Center started the year with 90 containers of ink (average cost of $ 8.50 each, FIFO cost of $ 8.90 each, LIFO cost of $ 7.80each). During the year, Watson Copy Center purchased 720 containers of ink at $ 10.30 and sold 600 units for $ 19.75 each. Watson Copy Center paid operating expenses throughout the year, a total of $ 5000. Watson Copy Center's income statement-excluding the effects of income tax under each of theaverage-cost, FIFO, and LIFO inventory costing methods--is given.

Total sales revenue = 600 x $19.75 = $11,850

COGS under weighted average = {[(90 x $8.50) + (720 x $10.30)] / 810} x 600 = $6,060

COGS under FIFO = (90 x $8.90) + (510 x $10.30) = $6,054

COGS under LIFO = 600 x $10.30 = $6,180

Copy Center

Income Statement for the year 202x

(using weighted average)

Sales revenue             $11,850

COGS                          ($6,060)

Gross profit                  $5,790

Operating expenses  ($5,000)

Net income                     $790

Copy Center

Income Statement for the year 202x

(using FIFO)

Sales revenue             $11,850

COGS                          ($6,054)

Gross profit                  $5,796

Operating expenses  ($5,000)

Net income                     $796

Copy Center

Income Statement for the year 202x

(using LIFO)

Sales revenue             $11,850

COGS                          ($6,180)

Gross profit                  $5,670

Operating expenses  ($5,000)

Net income                     $670

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