Data Table Date Item Quantity Unit Cost Total Cost Jan 1 Beginning inventory 150 units $ 9 $ 1,350 6 Purchase 90 units 17 1,530 21 Purchase 160 units 18 2,880 1,140 27 Purchase 60 units 19 Print Done x 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 Arkansas 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. Print Done