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Jonah Copy Center sells laser printers and supplies. Assume Jonah Copy Center started the year with 100 containers of ink (average cost of $9.10 each,
Jonah Copy Center sells laser printers and supplies. Assume Jonah Copy Center started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, Jonah Copy Center purchased 800 containers of ink at $10.00 and sold 500 units for $20.00 each Jonan Copy Carter pad operating expenses throughout the year, a total of $4,000. Ignore income taxes for this Prepare Jorah Copy Center's income statement for the current your ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading. nearest cont. Round all other calculations to the nearest whole dollar) Jonah Copy Center Income Statement Year Ended December 31 FIFO Average Cost $ 11.800 Sales revenue Cost of goods sold Gross proft Opening expenses Net income $ 1.959
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