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Jonah Copy Center sells laser printers and supplies. Assume Jonah Copy Center started the year with 90 containers of ink (average cost of $9.20 each,
Jonah Copy Center sells laser printers and supplies. Assume Jonah Copy Center started the year with 90 containers of ink (average cost of $9.20 each, FIFO cost Jonah Copy Center purchased 610 containers of $8.60 each, LIFO cost total of $3,750. Ignore income taxes for this exercise. S7 each). During the year, nk at $9.90 and sold 600 units for $20.25 each. Jonah Copy Center paid operating expenses throughout the year Prepare Jonah Copy Center's income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a ccomplete 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 the nearest whole dollar.) Jonah Copy Center Income Statement Year Ended December 31 Average Cost Sales revenue Cost of goods sold Gross profit Operating expenses Net income
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