The records of Atlanta 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 Partial Income Statement Year Ended July 31 Gross profit $ Aug Nov 1 Balance 800 units @ $ 5.00 5 Purchase 500 units @ $ 6.80 24 Purchase 8,000 units @ $ 7.00 8 Purchase 700 units @ $ 8.00 4,000 3,400 56,000 5,600 Jan Apr Sales Revenue 3,400 500 units e 8,000 units @ $ 6.80 @ $ 7.00 @ $ 8.00 56,000 5,600 ce 700 units Sales Revenue Jul 31 9,090 units $ 128,169 1. Prepare a partial income statement through gross profit under the average-cost, FIFO, and LIFO methods. Round average cost per unit to two 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