Income statement FIFO LIFO Average
sales (350*50) 17500 17,500 17,500
cost of goods sold 9800 12,250 11,130
0 0 0
Gross profit 7700 5250 6370
Expenses 1,700 1,700 1,700
net income 3550 4670 4670
An income statement is a financial report detailing a company's income and expenses over a reporting period. Also known as the Income Statement (P&L), it is typically produced quarterly or annually. An income statement shows the financial performance of a company over a period of time. There are four main financial statements.
The purpose of an income statement is to show the financial performance of a company over a period of time. It conveys the financial history of the company's activities. The income statement shows all income and expense accounts for a period of time.
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