-* Bank Print Supplies, Inc., sells laser printers and supplies. Assume Bank 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 610 units for $22.00 each. Bank paid operating expenses throughout the year, a total of $3,775. Ignore income taxes for this exercise.. Prepare Bank'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.) Bank Print Supplies, Inc. Income Statement Year Ended December 311 Average Cost Sales revenue 13420 Cost of goods sold 6100 Gross profit 7320 Operating expenses Net income FIFO LIFO 13420 13420 Required information E6-5 (Algo) Evaluating the Annual Interest Rate Implicit in a Sales Discount with Discussion of Management Choice of Financing Strategy LO6-1 [The following information applies to the questions displayed below.] Clark's Landscaping bills customers subject to terms 3/15, n/60. E6-5 Part 1 Required: 1. Compute the annual interest rate implicit in the sales discount. (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34).) Annual interest rate %