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