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. Fisher Aviation Partial Income Statement Year Ended July 31 Gross profit Average cost FIFO LIFO 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 FIFO LIFO method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under average-cost FIFO LIFO when inventory costs are falling rising static .

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. Fisher Aviation Partial Income Statement Year Ended July 31 Average cost FIFO 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 average-cost FIFO LIFO Choose from any TIGUI ETTEI any number in the input fields and then continue to the next question. cost per unit to two decimal places and all other amour i Data Table Inventory $ 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 5,600 3,550 60,750 5,100 lowest. Sales Revenue when inventory costs are Jul 31 9,040 units $130,176 falling Requirements rising static 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. 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest. Print Done Choose from any list or enter any number in the input fields and then continue to the next