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Print Supplies, Inc., sells laser printers and supplies. Assume Eleanor started the year with 100 containers of ink (average cost of $9.30 each, FIFO cost
Print Supplies, Inc., sells laser printers and supplies. Assume Eleanor started the year with 100 containers of ink (average cost of $9.30 each, FIFO cost of $8.70 each, LIFO cost of $7.70 each). During the year, the company purchased 800 containers of ink at $10.20 and sold 620 units for $20.00 each. Eleanor paid operating expenses throughout the year, a total of $4,050. Ignore income taxes for this exercise. Prepare Eleanor's income statement for the current year ended December 31
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