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Boyd Copy Center sells laser printers and supplies. Assume BoydBoyd Copy Center started the year...

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Accounting

Boyd Copy Center sells laser printers and supplies. Assume BoydBoyd Copy Center started the year with 100 containers of ink (average cost of $8.70 each, FIFO cost of $8.80 each, LIFO cost of $7.70 each). During the year, Boy Copy Center purchased 600 containers of ink at $10.10 and sold 580 units for $21.50 each. Boyd Copy Center paid operating expenses throughout the year, a total of $5,500. Ignore income taxes for this exercise.

Prepare Boyd 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.

Sales Revenue: 12,470

Cost Of goods sold: ?

Gross Profit: ?

Operating Expense: 5,500

Net Income: ?

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