Suppose a division of Calfomia instrurtents incorporated that sels computer microchips has these inventory records for Jaenuary 2021: (Click the icon to view the inventary records) The companys accounting recoeds show 400 units were sold for revenue of $10,000. Operating expenso for January was $2,200. Read the cequirements Requirement 1. Pregare the company's January, musstep income statement. Calculate income using the LIFO, averago-cost, and FIFO meenods. Labei the botom Ine "Operating incente." Round the avorage cost per unit to three decimal places and all other flgures to whole-dolar amounts, Show your computations. Begin by preparing the incorre statereent using LFO, then average, and finally FifO cost. Data table zon to view the inventory records.) accounting records show 400 units were sold for revenue of $10,000. Operating expense for January was $2,200. Requirements Prepat st per ur 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 California 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? c. attain the best measure of net income for the income statement? State the reason for each of your answers