University Copy Centre Ltd. uses laser printers. The company started the year with 100 containers...
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University Copy Centre Ltd. uses laser printers. The company started the year with 100 containers of ink (weighted-average cost of $9.20 each, FIFO cost of $9.00 each). During the year, University Copy Centre purchased 700 containers of ink at $10.00 each and sold 600 units for $20.00 each. The company paid operating expenses throughout the year to a total of $3,000. University Copy Centre is not subject to income tax. Prepare University Copy Centre Ltd.'s income statement for the year ended December 31, 2017, under the weighted-average and FIFO inventory costing methods assuming the periodic system is used. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income staterment labels and then calculating the amounts for each of the two required inventory methods. (Calculate unit costs to two decimal places. Round all other calculations to the nearest whole dollar.) Weighted- Average-Cost FIFO Net income
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