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 Gross profit $ Aug Nov Jan 1 Balance 700 units @ $ 6.00 5 Purchase 400 units @ $ 6.50 24 Purchase 7,300 units @ $ 7.00 8 Purchase 600 units @ $ 8.50 Inventory 4,200 2,600 51,100 5,100 Apr Sales Revenue Jul 31 8,030 units $117,238 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. Print Done