Filling in the blank for the requirement 2

a.

1.blank = FIFO /LIFO/THE AVERAGE COST METHOD

2. blank = DECREASING / INCREASING

3.blank = FIFO /LIFO/THE AVERAGE COST METHOD

b.

1.blank = FIFO /LIFO/THE AVERAGE COST METHOD

2.blank = DECREASING / INCREASING

c.

1.blank = FIFO /LIFO/THE AVERAGE COST METHOD

2.blank = DECREASING / INCREASING / INCREASING OR DECREASING

d.

1.blank = FIFO /LIFO/THE AVERAGE COST METHOD

2.blank = MOST CURRENT / OLDEST

3.blank = MOST CURRENT / OLDEST

e.

1.blank = FIFO /LIFO/THE AVERAGE COST METHOD

2.blank = MOST CURRENT / OLDEST

3.blank = MOST CURRENT / OLDEST

Actually the question is quite clear i think, i have added everything written in the question one by one here. The answers I added by typing as fill in the blank are the options given for the second question.

Suppose a division of California Instruments Incorporated that sells computer microchips has these inventory records for January 2018: E (Click the icon to view the inventory records.) The company's accounting records show 390 units were sold for revenue of $9,360. Operating expense for Ja Requirements Read the requirements B Data Table Date Item Quantity Unit Cost Total Cost Jan 140 units $ 8 $ 1,120 1 Beginning inventory 6 Purchase 1. Prepare the company's January, multistep 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. 2. Suppose you are the financial vice president of California Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest operating income? C. report operating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? e. attain the best measure of net income for the income statement? State the reason for each of your answers. 50 units 14 700 21 Purchase 200 units 16 3,200 27 Purchase 70 units 17 1,190 Print Done Print Done Requirement 2. Suppose you are the financial vice president of California Instruments Incorporated. Which in Suppose a division of California Instruments Incorporated that sells computer microchips has these inventory records for January 2018 (Click the icon to view the inventory records.) The company's accounting records show 390 units were sold for revenue of $9,360. Operating expense for January was $2,200. Read the requirements Requirement 1. Prepare the company's January, multistep 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 cost. California Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 LIFO Average FIFO Sales revenue 9,360 9,360 9,360 Cost of goods sold Gross profit Operating expenses 2,200 2,200 2,200 Suppose a division of California Instruments Incorporated that sells computer microchips has these inventory records for January 2018: Click the icon to view the inventory records.) The company's accounting records show 390 units were sold for revenue of $9,360. Operating expense for January was $2,200 Read the requirements 2,200 Operating expenses 2,200 2,200 Operating income Requirement 2. Suppose you are the financial vice president of California Instruments Incorporated. Which inventory method will you use if your motive is to a. minimize income taxes? Use as they are in this case. (If inventory unit costs were going the opposite to minimize income taxes. Operating income under this method is lowest when inventory unit costs are would be lowest.) direction, income under b. report the highest operating income? Use to report the highest operating income. Income under this method is highest when inventory unit costs are V as in this situation. C. report operating income between the extremes of FIFO and LIFO? Use V to report an operating income amount between the FIFO and LIFO extremes. This is true in this situation and in others when inventory unit costs are Suppose a division of California Instruments Incorporated that sells computer microchips has these inventory records for January 2018: E (Click the icon to view the inventory records.) The company's accounting records show 390 units were sold for revenue of $9,360. Operating expense for January was $2,200 Read the requirements b. report the highest operating income? Use V to report the highest operating income. Income under this method is highest when inventory unit costs are as in this situation. c. report operating income between the extremes of FIFO and LIFO? Use V to report an operating income amount between the FIFO and LIFO extremes. This is true in this situation and in others when inventory unit costs are d. report inventory on the balance sheet at the most current cost? to report inventory on the balance sheet at the most current cost. The inventory costs are expensed as cost of goods sold, leaving in ending inventory the v costs of the Use period. e. attain the best measure of net income for the income statement? expense with current revenue. The inventory Use V to attain the best measure of net income. This method produces the best current expense recognition by matching the costs are expensed as cost of goods sold. Enter any number in the edit fields and then continue to the next