Date Item Quantity Unit Cost Total Cost $ 15 $ 180 units Jan 2,700 1 Beginning inventory Purchase 70 units 17 6 1,190 17 21 200 units 13,400 Purchase Purchase 27 90 units 18 1,620 Suppose admin of Vermont rent incorporated that is computer microchip has these inventory for 2001 they records The company's accounting records show 450 units were sold for revenue of $10.00. Operating for etwa 3.100 Read Requirement. Prepare the company comment comes the road methods Laborcom Hounding content to the decimals to whe- danhw your computation Begin by preparing the income statement using LIFO thon average, and finally FIFO cont 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 aupou you are the facevo president of Vermont strumente compone which may metod wit you want you make a lo amunimire income i come to Operating come under the method is lowest when inmory unit costs as they are frygon the posterection Lise income under report the highest operating income Use to report the highest penting income income under this method is highest when Inventory unit costs are report operating income of FIFO and UFO in his report operating in anthem of Fifo and LIFO US to report penting room wat betren the Found Love This is true in the susten and chers when stay in touch we d. report inventary on behethem not to report on the balance sheet at the most current cost. The inventory contra esperando con el good old having an ending inventory the pened in the best measure of income for the income statement of the Us Y expense with current were the Use totam rem com This method produces the best current expension by marching the costs are expensed as cost of goods sold income under Requirement 2. Support you are now represident of Vermont tratament per te which wventory method will you use it your motive is to minima income? use to recente come to Operating income under the method is lowest when stay ustcoats as they weiniae fint un cos were going Deposite direction would be west) hoort the highest Lise the highest pointing income. Income under his method is highest when inventary on ots no e report operating noorte between the trames Fow UFO report an operating come amount on the road UFO extremes The unter and inters when nentory to d.rmport intern the bace sheet the most current out? Use to report on any on the balance shot at the most out current cont. The entory cooped so of goods sold, leaning to the period + attain the best mature of an income to onesteet to the best of me. This method produces the best une precognition by matching the ry cons are expense cost of goodu sold Use of the excone with corro The Begin by preparing the income statement using LIFO thon average, and finally FIFO cont 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 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 records) The company's accounting records show 450 units were sold for revenue of $10,800 Operating expense for January was $3,100. Read the requirements Requirement 2. Suppone you are te facial vicepresident of Vermontiratruments incorporated. Which inventory method will you use your motive is to me income US to minus income taxe. Operating income under this method is lowest when inventory unit cohere as they are in the case (inventory costs were going out direction home under widte lowest) b. report the heat engine Use report the highest posting income Income under this method a highest when inventory and come inson e report operating income themes off and LITO? to reportering comment between the FIFO and LIFO. This is true and others when we tout costs are d. report inventory on the bence she most current cost? inventory costs we expenses cont of good old waving in ending inventory the costs of the U ped to report inntry on the best at the most current cost. The of the c. report operating on the off and UFO Us onder and UFO .rer. This bein the ton and inter when Inventory unit contre d. inwynhance the most cut out! Uu to report on wheet the most curent cost. The mertory cool weered as cost of goods volt, aving nunding more period in the best measure of income for me Use to win the street income. This mod produces the best current expense recognition by matching the expose with centre. The costs are expensest of goods sold ventory