The following data was obtained from the records of Brankovich Tool and Die, Inc., for the current year: Jan. 1 Beginning Inventory 110 units at $10 February 1 Purchase 200 units at $12 April 1 Purchase 100 units at $14 July 1 Purchase 80 units at $16 The company sold 200 units during the year. Sales for the year are $70,000; operating expenses are $20,000; and the tax rate is 40%. Required: Using the multistep format, prepare the income statement using: 1. FIFO 2. LIFO 3. Average cost (Round all calculations to two decimal places.)

3.) The following data was obtained from the records of Brankovich Tool and Die, Inc, for the current vear: Beginning Inventory an. 1 ebruary 1 uly 1 rchase rchase urchase 110 units at $10 200 units at $12 100 units at $14 80 units at $16 The company sold 200 units during the year. Sales for the year are $70,000; operating expenses are $20,000; and the tax rate is 40% Required: Using the multistep format, prepare the income statement using: 1. FIFO 2. LIFO 3. Average cost (Round all calculations to two decimal places.) 1. FIFO