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Jonah Print Supplies, Inc, solis laser printers and supplies. Assume Jonah started the year with 100 containers of ink (average cost of $9.20 each, FIFO
Jonah Print Supplies, Inc, solis laser printers and supplies. Assume Jonah started the year with 100 containers of ink (average cost of $9.20 each, FIFO cost of $8.60 each, LIFO cost of $7.90 each) During the year, the company purchased 600 containers of ink at $9.90 and told 570 units for $20.00 each. Jonah paid operating expenses throughout the year, a total of 54.100. ignore income taxes for this exercise Prepare Jonah's income statement for the current year ended December 31 using the averago-cost, FIFO and LIFO Inventory coating methods. Include a complete statement heading Complete the income Matement by colocing the appropriate heading and income statement labels, and then calculating the amounts for each of the three requred inventory methods. (Calcate unit costs to the nearest cont. Round all other calculations to the nearest whole dolar) Jonah Print Supplies, Inc. Income Statement Year Ended December 31 Average Cont FIFO Sales revenue 5 11,400 11400 Cost of goods sold 5.500 Grosst 5 5.814 Operating expenses 4,100 Nene 3 1,110
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