This question: 5 points) possible The records of Aston Aviation Supply the include the following accounts for inventory of aviation fuel af December 31, 2020 (Click the icon to view the records) Requirements 1. Prepare a partial income statement through gross profit under the weighted average cost and FIFO methods assumeg the periodic system is used Round weighted average cent per unit to four decimal places and all other amounts to the nearest dolar 2. Which inventory method would you use to immize 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 weighted average cost and FIFO methods Round weighted average cost per unit to four decimal places and all other amounts to the nearest dole tegn with the heading and then enter the amounts in the income statement Weighted Average COM FIED Requirement 2. Which inventory method would you one to minimize income tax? Explain why this method caunes income tax to be the lowest Use the method to mine income tax because cost of goods sold is highest (gross prattles) under when inventory costs are Average Cost FIFO Require Use the FIFO weighted average-cost LIFO ould you use to minimize income tax? Explain afy this method causes income tax to be the lowest method to minimize ecome tax because cost of goods sold is highest (gross profit is lowest) under when inventory costs are Next FIFO FFO Requirement 2. Which inventory method would you use to memize ncome tax? Explain why is method caus ncome tax to be method to minimize income tax becaine cost of goods sold as highest (gross profit is lowest) under the the weighted average.co LIFO when inventory costs are The records of Alinton Aviation Supply Inc. include the following accounts for inventory of avation fuel at December 31, 2020 (Click the icon to view the records.) Requirements 1. Prepare a partial income statement through gross profit under the weighted average cost and FIFO methods assuming the periodic system is used Round weighted average cost per unit to four 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 weighted average cost and FIFO methods Round weighted average s to the nearest delar. Begin with the heading and then enter the amounts in the income statement Weighted Average COM FIFO Requirement 2. Which victory method would you use so mnmue ncome tax? Explan why this method causes ncome tax to be the lowed to minmae income tax because cost of goods sold is highest (gross pist in lowest) under Use the thod to four decimal places and all other amounts when inventory sts ww taling meg Requirements 1. P pla 2. W Accounts Inventory Requir to the r Jan 1 Balance 790 units $6.80 5,372 Mar 6 Purchase 350 unds 6.85 2,390 June 22 Purchase 8,370 units @730 61,101 Oct 4 Purchase 500 units @ 8:30 4,150 Sales Revenue Requir Use the Toec Dec 31 9.030 units 132,741 Print Done method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under X nd weighted average per unit to four decima when inventory costs