Next Question The records of Eaton Aviation include the following accounts for inventory of aviation parts at July 31 of the current you mm Click the icon to view the records) Read the requirements Requirement 1. Prepare a partial income statement through grote proft under the average cout, FIFO and LIFO metod. Round average cost per un to two decimal places and all other amounts to the nearest dollar Exton Aviation Partial Income Statement Year Ended July 31 Average con FIFO LFO Gross profit Requirement 2. Which wettory method wodid you use to minimize income tax? Explain why this method causes income tax to be the lowest when inventory costs are Use the method to minimize income tax because cost of goods sold is highest gross profit lowest under Next Question The record of Enton Aviation include the following accounts for inventory of aviation porta at July 31 of the current ynar in (Click the learn to view the records. Read the requirements Data Table Requirement 1. Prepare a partial income to dollar Jis for Eato Partial ind Year E Aug Nov 1 Balance 500 units 57,00 5 Purchase 500 units @ $7.10 24 Purchase 8100 units @ $7.50 8 Purchase 500 units $8.50 Inventory $ 5.000 3.550 00.750 5.1001 Average Jan Apr Sales Revenue Gross profit Trust 0.050 units $ 30,935 Requirement 2. Which inventory method woul Use the method to minimize in Print Done