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This Question: 12 pts 4 of 8 (0 complete) This Test: 100 pts possible The records of Glenn Aviation include the following accounts for inventory of aviation parts at July 31 of the current year: (Click the icon to view the records.) Requirements 1. Prepare a partial income statement through gross profit under the average, FIFO, and LIF methods. Round average cost per unit to two decimal places and all other amounts to the nearest dollar 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest. 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. Glenn Aviation Partial I Yoar Ei Data Table Averag Inventory Gross proft Aug 1 Balance 700 units6.00 4,200 2,800 63,000 4,000 Nov 5 Purchase 400 units 7.00 Jan 24 Purchase 8,400 units $7.50 Apr 8 Purchase 500 units $ 8.00 Requirement 2. Which inventory method Use the method to minimize Sales Revenue Jul 31 9,100 units $131,950 Print Done Choose from any list or enter any number in the input fields and then continue to the next