I'm sorry to ask this kind of question, I am an IT student and my accounting subject gave this assignment without any further explanation on how to solve it, so here it goes..

Given :
Jan 1 Beginning inventory : 100 units at $80
Jan 6 purchase : 60 units at $90
Jan 13 sale : 70 units at $200
Jan 21 purchase : 150 units at $90
Jan 24 sale : 210 units at $220
Jan 27 purchase : 90 units at $100
Jan 30 sale : 30 units at $250

Company accounting records reveal that related operating expense for January was $19,000

Prepare the January income statement using LIFO / FIFO / AVERAGE

Sales revenue
Beginning Inventory
Net purchases
Cost of goods available for sale
Ending inventory
Cost of goods sold
Gross margin
Operating expense
Operating income

Thank you very much!

Sorry but assisting with homework assignments is not our purpose here; however, if you endeavour to do this yourself, we will gladly confirm that your answer is correct.

If you are an IT student, why are you doing this assignment?