Suppose a division of Utah 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 450 units were sold for revenue of $10,800. Operating expense for January was $1,500. 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. Utah Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 LIFO 10800 Cost of goods sold Gross profit Operating expenses Operating income Sales revenue 1500 Data Table -X Date Item Jan 1 6 Beginning inventory Purchase Purchase Purchase Quantity Unit Cost 180 units $ 15 70 units 17 200 units 17 90 units 18 Total Cost S 2,700 1,190 3,400 1,620 21 27 Print Done