Carson

Print Supplies, Inc., sells laser printers and supplies. Assume

Carson

started the year with

100

containers of ink (average cost of

$8.90

each, FIFO cost of

$9.00

each, LIFO cost of

$7.80

each). During the year, the company purchased

800

containers of ink at

$9.80

and sold

600

units for

$21.50

each.

Carson

paid operating expenses throughout the year, a total of

$4,000.

Ignore income taxes for this exercise.

Prepare

Carson'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.)

Carson Print Supplies, Inc.

Income Statement

Year Ended December 31

Part 2

		Average Cost
Net income