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 is one of the most common and important financial statements. The income statement, also known as the income statement (P&L), summarizes all income and expenses over a period of time, including the cumulative impact of income, profits, expenses, and loss transactions.
The basic formula for the income statement is Income - Expenses = Net Income. This simple equation tells you if your company is profitable.
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