Find the tecilatwot? a. minkere ncume Lises? Die (1)maide beren) Uin in Use (6) Paiper eimen at ine menow ie. atlain EErentricy cesits are experisicul as tirst of goods sula, te avirg his phing myention the (t0) - ol net nosine to the iscome statement? 1 Eata Tatit 2 recpuemeiti B. refoit the highest operaling himene? d. ropor biwaresry in the balance sheet at het most carent cos? 2. altan the best measure of ine inome for the incone a alement? titate the reasen for tach ef your asswers. Data table Requirements 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 Arkansas 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. Find the tecilatwot? a. minkere ncume Lises? Die (1)maide beren) Uin in Use (6) Paiper eimen at ine menow ie. atlain EErentricy cesits are experisicul as tirst of goods sula, te avirg his phing myention the (t0) - ol net nosine to the iscome statement? 1 Eata Tatit 2 recpuemeiti B. refoit the highest operaling himene? d. ropor biwaresry in the balance sheet at het most carent cos? 2. altan the best measure of ine inome for the incone a alement? titate the reasen for tach ef your asswers. Data table Requirements 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 Arkansas 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