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Posted: November 3rd, 2023
Pinkieâs Copy Center uses laser printers. Pinkieâs started the year with 100
Pinkieâs Copy Center uses laser printers. Pinkieâs started the year with 100 containers of ink (average cost of $9.20 each, FIFO cost of $9 each, LIFO cost of $8 each). During the year, Pinkieâs purchased 700 containers of ink at $10 and sold 600 units for $20 each. Pinkieâs paid operating expenses throughout the year, a total of $3,000. Pinkieâs is not subject to income tax. Prepare Pinkieâs income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
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