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

Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest.

Requirement $2.$ Which inventory 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

Accounts