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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 LIFO Sales revenue 131692 131692|| 1316921 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 Use the method to minimize income tax because cost of goods sold is highest (gross profit is lowest) under when inventory costs are i Data Table * Requirements Inventory Aug S 5,600 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. Nov 1 Balance 800 units @ $ 7.00 5 Purchase 500 units @ $7.10 24 Purchase 8,100 units @ $ 7.50 & Purchase 600 units @ $ 8.50 Jan 3,550 60,750 5,100 Apr Cho Print Done Sales Revenue Jul 31 9,020 units $131,692