P9-5B The records of Heavenly Confection Co. include the following accounts at December 31 of the current year: INVENTORY Jan. Balance (700 units $6.45) 4,515 PURCHASES Jan. 6 300 units $7.05 2,115 Mar. 19 1,100 units 7.35 8,085 June 22 8,400 units @ 7.50 63,000 Oct. 4 500 units 8.50 4,250 Dec. 31 Balance 77,450 SALES REVENUE Required Dec. 31 10.100 units 138.070 1. Prepare a partial income statement through gross profit under the weighted-average. FIFO, and LIFO methods. Round weighted-average cost to the nearest cent and all other amounts to the nearest dollar. Heavenly Confection uses a periodic inventory system. 2. Which inventory method would you use to minimize income tax?