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Prepare three january income statements

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Date             ITEM                        QUANTITY               UNIT COST     Total cost

Jan. 1          Beginning inventory       100 units                 $8                     $80

6                Purchase                      60 units                  $9                     $540

21               Purchase                     150 units                 $9                     $1350

27               Purchase                      90 units                  $10                    $900

Company accounting records show sales of 310 units for revenue of $6,770. Operating expenses for January were $1,900.

Prepare three (3) January income statements, one each showing amounts for cost of goods sold using 1) FIFO, 2) LIFO, and 3) Average cost

Reference no: EM132316089

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