Suppose a division of New York Instruments Incorporated that sells computer microchips has these inventory records for January $2021$ : $($Click the icon to view the inventory records.$)$

The company's accounting records show $390$ units were sold for revenue of $$7,020.$ Operating expense for January was $$1,000.$

Read the requirements.

Requirement $1.$ Prepare the company's January, multistep income statement. Calculate income using the LIFO, average$-$cost$,$ and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole$-$dollar amounts. Show your computations.

Begin by preparing the income statement using LIFO, then average, and finally FIFO cost.

New York Instruments Incorporated

Income Statement for Microchip

Month Ended January $31,2021$

$\backslash$table$[[,$LIFO,Average$],[$Sales revenue,$7,020,,],[$Cost of goods sold,$5,650,,],[$Gross profit,$1,370,,],[$Operating expenses,$1,000,,]]$