Question: City Copy Center sells laser printers and supplies Assume City

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). During 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.

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  • CreatedJuly 25, 2014
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