Data Table Date Item Quantity Unit Cost Total Cost Jan 1 160 units $ 10 $ 1,600 Beginning inventory Purchase 6 70 units 12 840 21 Purchase 110 units 18 1,980 27 Purchase 60 units 19 1140 Print Done Suppose a division of Vermont Instruments Incorporated that seis computer microchips has these inventory records for January 2021 Cock the icon to view the inventory records) The company's accounting records show 340 units were sold for revenue of 56,120 Operating expense for January was $1,000 Read the requirements Requirement 1. Prepare the company's January, multistup income statement Calculate income using the LIFO, average-cost, and FIFO methods Label the bottom line "Operating income "Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations Begin by preparing the income statement using LIFO, then average, and finally FIFO.COM Vermont Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 LIFO Average FIFO Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Requirement 2. Suppose you are the financial vice president of Vermont Instruments Incorporated. Which inventory method will you use if your motive is to a minimize income taxes? Use to minimize income taxes Operating income under this method is lowest when inventory unit costs are are in this case inventory unit costs were going the opposite direction income under would be lowest) as they Suppose a division of Vermont Instruments Incorporated that sells computer microchips has these inventory records for January 2021 Click the icon to view the inventory tecords) The company's accounting records show 340 units were sold for revenue of $6.120 Operating expense for January was $1,000 Read the requirements Use as they to minimize Income taxes Operating income under this method is lowest when Inventory unit costs are are in this case, if inventory unt costs were going the opposite direction, income under would be lowest) b. report the highest operating incomo? to report the highest operating income. Income under this method is highest when Inventory unit costs are as in Use this situation C. report operating income between the extremes of FIFO and LIFO? Us to report an operating income amount between the FIFO and LIFO extremes This hitro in this situation and to others when inventory unit costs are inwentary couts are expensed as cost of d. report inventory on the balance sheet at the most current cont? Use to report inventory on the balance shoot at the most current cont Tho goods sold, laving in ending inventory the M costs of the period e attain the best measure of net income for the income statement? Us W to attain the best measure of net income This method produces the best current expense recognition by matching the expense with current revenue. The inventory costs are expensed as cost of goods sold Warren Company sold 13.000 jars of los organic honey in the most current year for 514 per far. The company had paid $9.50 per jar of honey (Assume that sales returns are nonexistent) Calculate the following 2. Cost of goods sold 3. Gross profit 1. Sales revenue 1 The sales revenue is 2. The cost of goods sold is 3. The gross profit is