The records of Fisher 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 worage cost per unit to two decimal places and all other amounts to the nearest dollar Fisher Aviation Partial income Statement Year Ended July 31 Average cost FIFO LIFO 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 Aug 1 Balance 600 units @ $ 5.50 $ Nov @ $ 7.20 5 Purchase 500 units 24 Purchase 7,000 units Inventory 3,300 3,600 52,500 7.2001 Jan @ $ 7.50 Apr 8 Purchase 900 units @ $ 8.00 Sales Revenue Jul 31 8,040 units $114,972 Print Done