Suppose a divaion of Vermont iestrumonts incorporated that sells computer microchips has these inventory records for lanuary 2021 IIf (Cick the icon to view the inventory records) The company's accounting records show 420 units were sold for tevenue of $6,720 Operating expense for January was 51,000 . Read the tequremeats Requirement 1. Prepare the company's January, multistep income statement Calculate income using the LiFO, average-cost, and FIFO methods Label elie bobiom ine "Operating income * Round the average cost per unt to three docimal places and all other figures to whos dollar areounts. Show your computations Begn by preparing the income statement usng LFO, then aveeage, and finally FIFO cost. Ask my instructor Data table Requirements 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Vermont Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest operating income? c. report operating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? e. attain the best measure of net income for the income statement? State the reason for each of your answers