The records of Wright 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 Wright 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 average-cost FIFO - X LIFO 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 0 Data Table Print $ Aug Nov Jan Apr Balance 700 units 5 Purchase 400 units 24 Purchase 7.300 units 8 Purchase 600 units @ $ 8.00 @ $8.50 @ $ 7.00 @ $8.50 Inventory 4,200 2,800 51,100 5,100 Sales Revenue Jul 31 8,090 units $117,305 Print Done Choose from any list or enter any number IF MY FIFI FIT WIT T ER