Suppose a division of Arkansas Instruments Incorporated that sells computer microchips has these inventory records for January 2018: (Click the icon to view the inventory records.) The company's accounting records show 310 units were sold for revenue of $7,750. Operating expense for January was $4,200. Read the requirements. Requirement 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. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. Arkansas Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 LIFO 7750 i Data Table Sales revenue Cost of goods sold Gross profit Date Quantity 140 units Operating expenses Jan Operating income Item Beginning inventory Purchase Purchase Purchase Unit Cost $ 6 1 12 - 12 1 6 21 27 60 units Total Cost $ 840 720 1,320 760 110 units 40 units Print Done Enter any number in the edit fields and then click Check Answer Suppose a division of Arkansas Instruments Incorporated that sells computer microchips has these inventory records for January 2018: (Click the icon to view the inventory records.) The company's accounting records show 310 units were sold for revenue of $7,750. Operating expense for January was $4,200. Read the requirements. Requirement 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. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. Arkansas Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 LIFO 7750 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Enter any number in the edit fields and then click Check