Answer:
The question is incomplete, so I looked for a similar one:
Copy Center sells laser printers and supplies. Watson Copy Center started the year with 90 containers of ink (average cost of $ 8.50 each, FIFO cost of $ 8.90 each, LIFO cost of $ 7.80each). During the year, Watson Copy Center purchased 720 containers of ink at $ 10.30 and sold 600 units for $ 19.75 each. Watson Copy Center paid operating expenses throughout the year, a total of $ 5000. Watson Copy Center's income statement-excluding the effects of income tax under each of theaverage-cost, FIFO, and LIFO inventory costing methods--is given.
Total sales revenue = 600 x $19.75 = $11,850
COGS under weighted average = {[(90 x $8.50) + (720 x $10.30)] / 810} x 600 = $6,060
COGS under FIFO = (90 x $8.90) + (510 x $10.30) = $6,054
COGS under LIFO = 600 x $10.30 = $6,180
Copy Center
Income Statement for the year 202x
(using weighted average)
Sales revenue $11,850
COGS <u>($6,060)</u>
Gross profit $5,790
Operating expenses <u>($5,000)</u>
Net income $790
Copy Center
Income Statement for the year 202x
(using FIFO)
Sales revenue $11,850
COGS <u>($6,054)</u>
Gross profit $5,796
Operating expenses <u>($5,000)</u>
Net income $796
Copy Center
Income Statement for the year 202x
(using LIFO)
Sales revenue $11,850
COGS <u>($6,180)</u>
Gross profit $5,670
Operating expenses <u>($5,000)</u>
Net income $670
