ww Score: 1032, 6.25 of 7 Points: 040 of 1 Suppose an orporate the couch 2001 care The company's con PCSO 400 8.300.300 Save Requirements. Pare company.com demand how your common Begin by the content IFOTO FOCO On instruments incorpore Income for Microchip Month January 31, 2025 uro Microchips has these inventory records for January 2021: e of $8,800. Operating expense for January was $1,800. Data table Date Item Quantity Unit Cost Total Cost Jan 1 150 units $ Beginning inventory Purchase 9 $ 6 1,350 1,530 90 units 17 21 Purchase 160 units 18 27 Purchase 2,880 1,140 60 units 19 Print Done Requirements 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Ohio Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest operating income? c. report operating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? e. attain the best measure of net income for the income statement? State the reason for each of your answers