Suppose a division of Arkansas Instruments Incorporated that sells computer microchips has these inventory records...
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Accounting
Suppose a division of Arkansas Instruments Incorporated that sells computer microchips has these inventory records for January 2021: (Click the icon to view the inventory records.) The company's accounting records show 420 units were sold for revenue of $9,240. Operating expense for January was $2,000. Read the requirements. Requirement 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Labe the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. Data table
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