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Business, 21.03.2020 02:08 duttonsteven45

Eleanor Print Supplies, Inc., sells laser printers and supplies. Assume Eleanor started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 610 units for $21.50 each. Eleanor paid operating expenses throughout the year, a total of $4,200. Ignore income taxes for this exercise. Prepare Eleanor'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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