31 of the current year The reas of Bel Aviation include the following accounts for inventory of aviation parts at Click the icon to view the records) Read the requirements Requirement 1. Prepare a partial income statement through gross profit under the average, FIFO and LIFO methods Round average cost per unit to two decimal places and all other amounts to the nearest Bell Aviation Partial income Statement Year Ended July 31 Average cost Requirement 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest Use the method to minimize income tax because cost of goods sold is het (gross profit is lowe s l ow d when inventory costs are 7 Requirements 1. Prepare a partial come statement through gross prot under the average FIFO UFO methods Round average cost per un to decimal places and all the amount to the rest do 2. Which inventory method would you use to minimize income tax? Explain why is method cause income to be the lowest pont Done Data Table $ Aug Nov Jan Apr 1 Balance 700 units 5 Purchase 300 units 24 Purchase 8,500 units 8 Purchase 500 units @ $5.00 @ $5.50 @ $ 7.50 @ $ 8.20 Inventory 3,500 1.650 63.750 4.100 Sales Revenue Jul 31 9010 units $132,447 Print Done