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Requirement 1. Prepare a panal income staternent through gross proft under the average. FIFO, and uFO methods Round average cost per unt to four deciral places and al other anounts to the noucest dollar Requirements 1. Prepare a partal income statement trough gross proff under the average. FIFO, and LiFO menods Phound average cost per unt to four decimal plsces and al oner amounts to the nearest dotar 2. Which inyefory method would you use to minimze income tax? Explan why thas menod cesses income tax lo be the lowest. b. FEO e. 1180 Requirement 1. Prepare a panal income staternent through gross proft under the average. FIFO, and uFO methods Round average cost per unt to four deciral places and al other anounts to the noucest dollar Requirements 1. Prepare a partal income statement trough gross proff under the average. FIFO, and LiFO menods Phound average cost per unt to four decimal plsces and al oner amounts to the nearest dotar 2. Which inyefory method would you use to minimze income tax? Explan why thas menod cesses income tax lo be the lowest. b. FEO e. 1180