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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