Suppose a division of Utah Instruments Incorporated that sells computer microchips has these inventory records for January 2021: (Click the icon to view the inventory records.) The company's accounting records show 420 units were sold for revenue of $8,400. Operating expense for January was $1,000. 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 figures to whole-dollar amounts. Show your computations Begin by preparing the income statement using LIFO, then average, and finally FIFO post Utah Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 , LIFO Sales revenue X Cost of goods sold Gross profit Requirements Operating expenses Operating income 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 Utah Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest xxorating income? c. repori oxxerating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? c. atlain the best measure of net income for the income statement? Slate the reason for each of your answers. Print Done Data Table Date Item Quantity 160 units Unit Cost Total Cost $ $ 7 $ 1,120 Jan 1 1 Beginning inventory 6 Purchase 60 units 13 780 21 14 2,800 Purchase Purchase 200 units 80 units 27 15 1,200 Print Dana