hw 6 # 3

Suppose a division of Flonida Instruments incorporated that selis computer microchips has these inventory records for January 2021 : (Click the icon to view the irventory records.) The company's acoounting records show 300 units were sold for revenue of $6,600, Operating expense for January was $1,500. Read the roquirements, Requirement 1. Prepare the company's January, multistep inceme statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income," Round the average cost por unit to three decimal places and all other figures to whole-dollar ameunts. Show your computations. Begin by preparing the income statement using LFO, then average, and finally FIFO cost. Requirement 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and F line "Operation income" Round the averane. mot ner unit to three decimal olaces and. all other fioures to whole-dollar amounts. Show Begin by pre 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 Florida 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