The records of Bell Aviation include the following accounts for inventory of aviation parts at July 31 of the current year: BE: (Click the icon to view the records.) Requirements 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. 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 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 FIFO L IFO Gross profit 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 Data Table - X Inventory $ Aug Nov Jan Apr 1 Balance 600 units 5 Purchase 500 units 24 Purchase 7,000 units 8 Purchase 900 units @ $5.50 @ $7.20 @ $ 7.50 @ $ 8.00 3,300 3,600 52,500 7,200 Sales Revenue Jul 31 8,100 units $115,020 Print Done