The records of Shepard 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 Shepard Aviation Partial Income Statement Year Ended July 31 Average cost FIFO LIFO Sales revenue Cost of goods sold 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 method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under LIFO Jse the LIFO when inven Choose from any list or enter any number in the input fields and then continue to the new QUOD Pata Tabla and LIFO methods. Round average cost per unit to two decimal places and all other amounts to the nearest dollar. Data Table 1 Balance 800 units $ Aug Nov Inventory 5,600 3,550 60,750 @ $ 7.00 @ $ 7.10 @ $ 7.50 @ $ 8.50 5 Purchase 500 units 24 Purchase 8,100 units Jan is me Apr 8 Purchase 600 units 5,100 ross Sales Revenue Jul 31 9,050 units $126,700 Print Done xt