Pinkie Print Supplies, Inc., sells laser printers and supplies. Assume Pinkie started the year with containers of ink average cost of $ each, FIFO cost of $ each, LIFO
cost of $ each During the year, the company purchased containers of ink at $ and sold units for $ each. Pinkie paid operating expenses throughout the
year, a total of $ Ignore income taxes for this exercise.
Prepare Pinkie's income statement for the current year ended December using the averagecost FIFO, and LIFO inventory costing methods. Include a complete statement
heading.
Start by preparing Pinkie's income statement for the current year ended December using the averagecost method. Calculate unit costs to the nearest cent. Round all other
calculations to the nearest whole dollar.
Pinkie Print Supplies, Inc.
Income Statement AverageCost Method
Year Ended December
Sales revenue
Cost of goods sold
Gross profit
Operating expenses
Net income
