Suppose a division of Vermont Instruments Incorporated that sells computer microchips has these inventory records for...

 

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Suppose a division of Vermont 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 310 units were sold for revenue of $4,960. 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. Vermont Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income LIFO 4960 810 4150 1000 3150 Data Table Date Jan 1 ***** 6 21 27 Item Beginning inventory Purchase Purchase Purchase Print Quantity 140 units 60 units 110 units 40 units Unit Cost Total Cost $ 6 $ Done 12 12 19 840 720 1,320 760 X Suppose a division of Vermont 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 310 units were sold for revenue of $4,960. 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. Vermont Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income LIFO 4960 810 4150 1000 3150 Data Table Date Jan 1 ***** 6 21 27 Item Beginning inventory Purchase Purchase Purchase Print Quantity 140 units 60 units 110 units 40 units Unit Cost Total Cost $ 6 $ Done 12 12 19 840 720 1,320 760 X

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Income Statement month ended January 31 2021 LIFO Average cost FIFO Sales 4960 4960 49... View the full answer