Suppose a division of Best Building Products Inc. has these inventory records for January 2020 E (Click the icon to view the inventory records.) Operating expense for January was $1,860, and the 324 units sold on January 24 generated sales revenue of $9,396 Requirements .... Requirement 1a. Prepare the January income statement showing amounts for FIFO and weighted average cost assuming that a periodic inventory system is used Round average cost per unit to three decimal places and all other figures to whole-dollar amounts. (Round your answers to the nearest whole dollar.) Best Building Products Incorporated Income Statement for Division Month Ended January 31, 2020 Inventory records FIFO Weighted-Average Date Quantity Unit Cost Item Beginning inventory Sales revenue Jan. 1 102 units $ 7 Jan. 6 Cost of goods sold Beginning inventory Purchase 68 units 8 Jan. 21 Purchase 164 units 8 Purchases Jan. 24 Sales 324 units Jan. 27 Purchase 105 units 9 Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Print Done Operating expenses Operating income Requirement 1b. Prepare the January income statement showing amounts for FIFO and weighted average cost assuming that a perpetual inventory system is used Round average cost per unit to three decimal places and all other figures to whole-dollar amounts (Round your answers to the nearest whole dollar.) Time Remaining: 00:56:45 Next Calculator Suppose a division of Best Building Products Inc. has these inventory records for January 2020 E (Click the icon to view the inventory records.) Operating expense for January was $1,860, and the 324 units sold on January 24 generated sales revenue of $9,396 Requirements Operating income Requirement 1b. Prepare the January income statement showing amounts for FIFO and weighted average cost assuming that a perpetual inventory system is used Round average cost per unit to three decimal places and all other figures to whole-dollar amounts. (Round your answers to the nearest whole dollar.) x Begin by preparing the income statement using FIFO and then weighted average cost Inventory records Best Building Products Incorporated Income Statement for Division Date Item Quantity Unit Cost Month Ended January 31, 2020 Beginning Jan. 1 inventory 102 units $ 7 FIFO Weighted-Average Jan. 6 Purchase 68 units 8 Sales revenue Jan. 21 Purchase 164 units 8 Jan. 24 Cost of goods sold Sales 324 units Jan. 27 9 105 units Purchase Gross profit Operating expenses Print Done Operating income Requirement 2. Explain which inventory method will result in a. Reporting the highest operating income Use to report the highest operating income. Income under this method is highest when inventory unit costs are hannotina inanntrms in the halnnon rhont Time Remaining: 00:56:16 Next Calculator SE ENG 10C Cloudy 11:56 AM 18-10-2021 EG wa o Bi