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 i Data Table - X Month Ended January 31, 2018 LIFO Sales revenue 5580 Date Item Quantity Unit Cost Total Cost Cost of goods sold Jan 1 Beginning inventory 140 units $ 6 $ 840 Gross profit 6 Purchase 60 units 12 720 Operating expenses 21 Purchase 110 units 12 1,320 Operating income 27 Purchase 40 units 19 760 Print Done Enter any number in the edit fields and then click Check