McDonough Copy Center sells laser printers and supplies. Assume McDonough Copy Center started the year with 100 containers of ink (average cost of $8.00 each, FIFO cost of $8.60 each, LIFO cost of $7.90 each). During the year, McDonough Copy Center purchased 600 containers of ink at $9.90 and sold 570 units for $20.00 each. McDonough Copy Center paid operating expenses throughout the year, a total of $5,500. Ignore income taxes for this exercise.
Prepare McDonough 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.