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The records of Bell Aviation include the following accounts for inventory of aviation parts at July 31 of the current year: Click the icon to view the records.) Read the requirements Requirement 1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods, Round average cost per unit to two decimal places and all other amounts to the nearest dollar Bell Aviation Partial income Statement Year Ended July 31 Average cost 111617 FIFO 111617 LIFO 111617 Sales revenue Cost of goods sold Gross profit Requirement 2. Which Twentory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest Use the method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under when inventory costs are Data Table Aug Nov Inventory 1 Balance 500 unts @ 5620 $ 3.100 5 Prchase 30 units @ $6.80 3400 24 Purchase 7.000 units @ $7.00 52,500 Purchase 500 units @ $8.00 4.000 Jan Apr Sales Revenue A310,000 units 5111617 Choose from any lot of Print Dane Year Ended July 3 Average cost Sales revenue 111617 Cost of goods sold Gross profit Requirement 2. Which inventory method would you use to Use the method to minimize income tax bec average-cost FIFO LIFO hen inventory costs are falling rising static