Please fix and correct McDonough Copy Center sells laser printers and supplies....
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McDonough Copy Center sells laser printers and supplies. Assume McDonough Copy Center started the year with 100 containers of ink (average cost of exist8000 each, FIFO cost of exist8.60 each, LIFO cost of exist7.90 each). During the year, McDonough Copy Center purchased 600 containers of ink at exist9.90 and sold 570 units for exist20.00 each. McDonough Copy Center paid operating expenses throughout the year a total of exist5, 500. Ignore income taxes for this exercise. Prepare McDonough 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. 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.)
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Please fix and correct