The records of Alliston Aviation Supply Inc. include the following accounts for inventory of aviation fuel at December 31, 2020: (Click the icon to view the records.) Requirements 1. Prepare a partial income statement through gross profit under the weighted-average-cost and FIFO methods assuming the periodic system is used. Round weighted-average cost per unit to four decimal places and all other amounts to the nearest dollar. 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest. Requirement 1. Prepare a partial income statement through gross profit under the weighted-average-cost and FIFO methods. Round weighted-average cost per unit to four decimal places and all other amounts to the nearest dollar. Begin with the heading and then enter the amounts in the income statement. Weighted-Average Cost FIFO Requirement 2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under Use the Accounts Inventory Jan. 1 Balance 790 units @ $6.80 5,372 Mar. 6 Purchase 350 units @ 6.85 2,398 June 22 Purchase 8,370 units @7.30 61,101 when inventory costs are Oct 4 Purchase 500 units @ 8.30 4,150 Sales Revenue Dec. 31 9,030 units 132,741 Print Done ()