Inventory Aug 1 Balance 700 units @ $5.00 $ 3,500 Nov 5 Purchase 300 units @ $ 5.50 1,650 Jan 24 Purchase 8,500 units @ $7.50 63,750 Apr 8 Purchase 500 units @ $8.20 4,100 Sales Revenue Jul 31 9,020 units $128,986 The records of Wright Aviation include the following accounts for inventory of aviation parts at July 31 of the current year. Click the icon to view the records) Read the requirements Requirement 1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods. Round average cost per unit to two decimal places and all other amounts to the nearest dollar Wright Aviation Partial Income Statement Year Ended July 31 Average cost FIFO LIFO Gross prof Requirement 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest Use the method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under when inventory costs are