McDonough Print Supplies, Inc., sells laser printers and supplies. Assume McDonough started the year with...
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McDonough Print Supplies, Inc., sells laser printers and supplies. Assume McDonough started the year with 90 containers of ink (average cost of $9.30 each, FIFO cost of $8.70 each, LIFO cost of $7.90 each). During the year, the company purchased 720 containers of ink at $10.20 and sold 580 units for $21.50 each. McDonough paid operating expenses throughout the year, a total of S4,100 lgnore income taxes for this exercise Prepare McDonough's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading Complete the income statement by selecting the appropriate heading and income statement labels, and then calculating the amounts for each of the three required inventory methods. (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.) Average Cost FIFO LIFO Net income
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