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Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with...

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Accounting

Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with 100 containers of ink(average cost of $9.30each, FIFO cost of $8.70each, LIFO cost of $7.70each). During the year, the company purchased 800 containers of ink at $10.20 and sold 610 units for $20.00 each. Jefferson paid operating expenses throughout the year, a total of $3,900. Ignore income taxes for this exercise.
Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.

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