Boyd Print Supplies, Inc., sells laser printers and supplies. Assume Boyd started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at $10.00 and so 600 units for $20.00 each. Boyd paid operating expenses throughout the year, a total of $4,100. Ignore income taxes for this exercise.
Prepare Boyd'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.