Suppose a son of Denver Instruments incorporated computer mich has eventury records to 2021 mio then they The corony's song records show 30s were sold forever of 0.750 Operating expense tornar 51.000 Plead the moment Requirement 1. Prepare the coconys January, encome talement, Camera the UFO, .com and FIFO mo. Le to the peace Round the couper love decimal poster pres to what amount your minn Den ty prepare the moment using LED, the verge, Foco Denver Instrumente Incorporated Income Statement for Microchip Month Ended annuary 31, 2021 UFO Cost of good Go Operating Operating com -- Data table Date Item Quantity Unit Cost Total Cost Jan 140 units $ 8 $ 1,120 50 units 14 700 1 Beginning inventory 6 Purchase 21 Purchase 27 Purchase 200 units 16 3,200 70 units 17 1,190 Print Done Requirements - - 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 Denver Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest operating income? C. report operating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? e. attain the best measure of net income for the income statement? State the reason for each of your answers. Print Done