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Wilson Copy Center sells laser printers and supplies. Assume wilson Copy Center started the year...

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Accounting

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Wilson Copy Center sells laser printers and supplies. Assume wilson Copy Center started the year with 100 containers of ink (average cost of S9.10 each, FIFO cost of $8 60 each, LIFO cost of S8.00 each). During the year, Wilson Copy Center purchased 800 containers of ink at S10.00 and sold 600 units for $21.75 each. Wilson Copy Center paid operating expenses throughout the year, a total of S3,900. Ignore income taxes for this exercise. Prepare Wilson Copy Centers 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. (Cakculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.)

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