Basically just need to fill in the blank spaces.

Inventory Aug 1 Balance 700 units @ $ 5.00 $ 3,500 Nov 5 Purchase 300 units @ $ 5.50 1,650 Jan 24 Purchase 8,500 units @ $ 7.50 63,750 Apr 8 Purchase 500 units @ $ 8.20 4,100 Sales Revenue Jul 31 9,050 units $132,130 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. Shepard Aviation Partial Income Statement Year Ended July 31 Average cost FIFO LIFO 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