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Jetterson Print Supplies, Inc. sells laset printers and supplies. Assume Jefferson started tho yoar with 100 containers of ink (average cost of 59.10 adch. FIFO
Jetterson Print Supplies, Inc. sells laset printers and supplies. Assume Jefferson started tho yoar with 100 containers of ink (average cost of 59.10 adch. FIFO cost of \$B.40 each, LIFO cost of $7,90 each). During the year, the company purchased 800 containers ot ink at $10.00 and sold 580 units for $20.00 each, Jefferson paid operaling expenses throughout the yoar, a total of $5,500, lgnore income taces for this exercise. Prepate Jefferson's income statement tor the current year ended December 31 usng the average-cost, FIFO, and LFO invantory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate hedading and income statement inbels, and then calculating the amounts foc each of the thrse required inventory methods. (Calculate unit costs to the nearest cent. Round al other calculations to the nearest whole dollar) Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at operating expenses throughout the year, a total of $5,500. Ignore income taxes for this exercise. Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, statement heading
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