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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 $9.20 ?each, FIFO cost of $8.60 ?each, LIFO cost of $7.90 ?each). During the? year, Wilson Copy Center purchased 600 containers of ink at $9.90 and sold 580 units for $20.00 each. Wilson Copy Center paid operating expenses throughout the? year, a total of $5,000. Ignore income taxes for this exercise.
Problem 1: Prepare Wilson 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.
Problem 2: 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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