py which cost of se of eriod Lires that michever entre- S6-2. (Learning Objective 2: Apply the average, FIFO, and LIFO methods) City Copy Center sells laser printers and supplies. Assume City Copy Center started the year with 100 containers of ink (average cost of $8.30 each, FIFO cost of $8.40 each, LIFO cost of $8.10 each). Dur- ing the year, City Copy Center purchased 700 containers of ink at $9.90 and sold 600 units for $19.50 each. City Copy Center paid operating expenses throughout the year, a total of $3,750. Ignore income taxes for this exercise. Prepare City Copy Center's income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading. S6-3. (Learning Objective 2: Compare income tax effects of the inventory costing methods) This exercise should be used in conjunction with S6-2. City Copy Center is a corporation subject to a 40% income tax. Compute City Copy Center's income tax expense under the average, FIFO. and LIFO inventory costing methods. Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? tem cord of iod, the hand CITROL T icinom uses