Suppose a division of Washington 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 310 units were sold for revenue of $5,580. 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. Washington Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 Data Table LIFO Sales revenue 5580 Date Item Quantity Unit Cost Total Cost Jan 1 140 units $ 6 $ 840 Cost of goods sold Gross profit Operating expenses Beginning inventory Purchase 6 60 units 12 720 110 units 12 21 27 Purchase Purchase 1,320 760 Operating income 40 units 19 Print Done Enter any number in the edit fields and then click Check