1.Suppose a division of Holy Guacamole Inc. that handles computer microchips has these inventory records for

January 2019:

Date Item Quantity Unit Cost

Jan. 1 Beginning inventory 100 units $8 $800

6 Purchase   60 units 9 540

21 Purchase 150 units 9 1,350

27 Purchase   90 units 10 900

Company accounting records show sales of 310 units for revenue of $6,770. Operating expenses for January were $1,900.

Prepare three (3) January income statements, one each showing amounts for cost of goods sold using 1)FIFO, 2) LIFO, and 3) Average cost

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