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Suppose a division of New York Instruments Incorporated that sells computer microchips has these inventory...

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Accounting

Suppose a division of New York Instruments Incorporated that sells computer microchips has these inventory records for January 2021 : (Click the icon to view the inventory records.)
The company's accounting records show 390 units were sold for revenue of $7,020. Operating expense for January was $1,000.
Read the requirements.
Requirement 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations.
Begin by preparing the income statement using LIFO, then average, and finally FIFO cost.
New York Instruments Incorporated
Income Statement for Microchip
Month Ended January 31,2021
\table[[,LIFO,Average],[Sales revenue,7,020,,],[Cost of goods sold,5,650,,],[Gross profit,1,370,,],[Operating expenses,1,000,,]]
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