Average     FIFO         LIFO                   Specific        
                                                                                               Identification
Sales                             $ 3,840      $3,840       $3,840              $ 3,840                        
Less: Cost of                 2,256         2,040         2,560                 2,060
Goods Sold
Gross Profit                  $ 1,584        $1,800       $1,280               $ 1,780      
The income statement shows a company's expenses, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period.
The balance sheet and income statement represent important information regarding the financial performance and health of a business. An income statement assesses the profit or loss of a business over a period of time, whereas a balance sheet shows the financial position of the business at a specific point in time.
The income statement presents revenue, expenses, and net income. The components of the income statement include revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.
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