Please calculate the cost of goods sold and gross profit for the FIFO and LIFO methods. Also, please describe which method would be the best.

i Data Table $ 3 Aug Nov Jan Apr 1 Balance 5 Purchase 24 Purchase 8 Purchase 800 units 500 units 8,100 units 600 units @ $ 7.00 @ $ 7.10 @ $ 7.50 @ $ 8.50 Inventory 5,600 ,550 60,750 5,100 Sales Revenue Jul 31 9,090 units $128,169 Print Print Done 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. Armstrong Aviation Partial Income Statement Year Ended July 31 Average cost 128169 68175 FIFO 128169 LIFO 128169 Sales revenue Cost of goods sold Gross profit 59994 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 average-cost method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under LIFO when inventory costs are falling