Please right answers

BUSAC 186 - 8225 MW Spring 2020 Kari Quiz Me: Quiz Me: 6.2 Ap compare various inventory cost methods This Question: 1 pt 5 of 5 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.) 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 ne Glenn Aviation Partial Income Statement Year Ended July 31 Average cost FIFO LIFO Sales revenue Cost of goods sold 66822 Gross profit 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 i Data Table X Inventory Aug 1 Balance 7Cf units @ $ 6.00 $ 4,200 Nov 5 Purchase 40t units @ $7.00 2,800 Jan 24 Purchase 8,400 units @ $ 7.50 63,000 Apr 8 Purchase 500 units @ $ 8.00 4,000 Sales Revenue Jul 31 9,030 units $130,935 Print Done