S6-4. (Learning Objective 2: Applying the average, FIFO, and LIFO methods) Jackson’s Copy Center uses laser printers. Assume Jackson started the year with 92 containers of ink (average cost of $9.20 each, FIFO cost of $8.75 each, LIFO cost of $8.30 each). During the year, Jackson purchased 680 containers of ink at $10.30 and sold 580 units for $22.50 each. Jackson paid operating expenses throughout the year, a total of $3,570. Jackson is not subject to income tax.

Prepare Jackson’s Income Statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.