Suppose a division of California Instruments Incorporated that sells computer microchipe has these inventory reconds for January 2021 (Click the icon to view the inventory records) The company's accounting records show 300 units were sold for revenue of $7.200 Operating expense for January was $2.000. Read the thirsts Requirement 1. Prepare the company's January, multiste income statement Calculate income using the LIFO average-cost, and FIFO decimal places and all other figures to whole-dollar amounts. Show your computation Begn by preparing the income statement using UFO, then average, and finally FIFO COM California Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 LIFO Sales revenue Cost of goods Gross pro Operating expenses Operating income Data table Date 7200 5060 Quantity Unit Cost Total Cost Beginning inventory 150 units $ 105 1500 6 Purchase 40 units 17 80 21 Purchase 27 Purchase 110 units 18 1.960 100 19 1.900 otom line "Operating income." Round the average cost per unt to trea Requirements 1. Prepare the company's January, mutistep income statement Calculate income using the LFO, average cost and FIFO methods. Label the bottom Ine "Operating income." Round the average cost per unt to the decimal places and all other figures to whole-dollar amounts. Show your computations 2. Suppose you are the Enancial vice president of Califorma intruments Which a. minimize income taxes? report the highest operating income? e report operating income between the extremes of FIFO and LIFO d report inventory on the balance sheet at the most current cost? atain the best measure of net income for the income statement Sute the reason for each of your answers Print Done Suppose a division of California Instruments incorporated that sets computer microchipe has these inventory records for January 2021 Click the icon to view the ventory records) The company's accounting records show 300 units were sold for revenue of $7.200 Operating expence for January was $2.000 Requirement 1. Prepare the company's January, mutated income statement Calculate income using the LFO, average-cost, and FIFO methods. Label the bottom line "Operating income" Round the average cost per un three decimal places and all other figures to whole dollar amounts. Show your computations Begin by preparing the income statement using LFO, the average, and finally FIFO cost California Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 LIFO Requirements Sales revenue Cost of goods sold G Operating expe Operating come Data table Date Rem Quantity Unit Cost Total Cost 150 units $ 10 5 1,500 Purchase 40 17 680 21 Purchase 110 18 1980 27 Purchase 100 59 1900 Print Done 1. Prepare the company's January, muistep income statement Calculate income using the LIFO average cost and FIFO methods Label the too Ine "Operating income" Round the average cost per unit to the places and at other figures to whole-dollar amounts Show your computations 2. Suppose you are the financial vice president of Calfomia instruments Which inventory method will you use if your motive to sport the highest operating income? mport operating income between the extremes of FIFO and LIFO d. report inventory on the balance sheet at the most cut cost? tain the best measure of nat income for the income statement? State the reason for each of your answers Print Done Clear all Check answer Suppose a division of California Instruments Incorporated that sells computer microchips has these inventory records for January 2021 Click the icon to view the inventory reconds) The company's accounting records show 300 units were sold for revenue of $7,200. Operating expense for January was $2,000 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 California Instruments Incorporated i Income Statement for Microchip Month Ended January 31, 2021 LIFO Sales revenue Cost of goods sold Gross proft Operating expenses Operating income, Data table Date Item Quantity Unit Cost Total Cost Jan 1 Beginning inventory 150 units $ 10 $ 1,500 6 Purchase 40 units 17 680 21 Purchase 110 units 18 1,980 27 Purchase 100 units 19 1,900 Print Done