Suppose a division of Denver Instraments incorporated that sells computer microchips has these inventory records for January 2021 : FHA (Cick the icon to view the inventary records.) The company/s accounting records show 330 units were sold for revenue of $9,250. Operating expense for Jahuary was $2,500. Read the reguliements. Requiremont 1. Preparo the companys January, multitep income statement. Calculate income using the LiFO, average-cost, and FIFO methods. Label the boetom ine "Operating income." Round the average cost per unit to three decimal places and at other figares to whole-dollar anounts. Show your computations. Begin by preparing the income statement using LIFO, then avorage, and finally FIFO cost. Data table 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 Denver 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