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Jefferson Copy Center sells laser printers and supplies. Assume Jefferson Copy Center started the year with 90 containers of ink (average cost of $9.30 each, FIFO cost of $8.70 each, LIFO cost of $7.90 each). During the year, Jefferson Copy Center purchased 720 containers of ink at $10.20 and sold 610 units for $21.50 each. Jefferson Copy Center paid operating expenses throughout the year, a total of $3,750. Ignore income taxes for this exercise.
Question 1: Prepare Jefferson Copy Center's income statement for the current year ended December 31 under the average, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
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