Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $20.00 each. Jefferson paid operating expenses throughout the year, a total of $3,900. Ignore income taxes for this exercise. Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, 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.) Sales revenue Cost of goods sold Gross profit Operating expenses Net income …………. Jefferson Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost 12000 3900

Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $20.00 each. Jefferson paid operating expenses throughout the year, a total of $3,900. Ignore income taxes for this exercise. Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, 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.) Sales revenue Cost of goods sold Gross profit Operating expenses Net income …………. Jefferson Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost 12000 3900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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gohil sanjay
ss. Subject :- Accounting
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