Question

Following is partial information for the income statement of Arturo Technologies Company under three different inventory costing methods, assuming the use of a periodic inventory system:
Required:
(b) Prepare an income statement through pretax income for each method.

Answer 1

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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