Apply the average, FIFO, and LIFO methods
Response to the following problem:
City Copy Center sells laser printers and supplies. Assume City Copy Center started the year with 100 containers of ink (average cost of $8.30 each, FIFO cost of $8.40 each, LIFO cost of $8.10 each). During the year, City Copy Center purchased 700 containers of ink at $9.90 and sold 600 units for $19.50 each. City Copy Center paid operating expenses throughout the year, a total of $3,750. Ignore income taxes for this exercise. Prepare City 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.