Suppose a division of Vermont 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 310 units were sold for revenue of $4,960. 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 other figures to whole-dollar amounts. Show your computations. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. Vermont Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 LIFO Sales revenue 4960 Cost of goods sold 810 Gross profit 4150 1000 Operating expenses Operating income 3150 E Data Table Date Item Quantity Unit Cost Total Cost Jan 1 Beginning inventory 140 units $ 6 $ 840 6 Purchase 60 units 12 720 21 Purchase 110 units 12 1,320 27 Purchase 40 units 19 760 Print Done