list Question 1 O Question 2 O Question 3 O Question 4 O Question 5 K Etext pages Calculator Suppose a division of Vermont Instruments Incorporated that sells computer microchips has these inventory records for January 2021 Click the icon to view the inventory records.) The company's accounting records show 450 units were sold for nevenue of $9,500. Operating expense for January was $1,800 Read the requirements Requirement 1. Prepare the company's January, multistep income statement Calculate income using the LIFO, average-cost, and FIFO methode Label the bottom line "Operating name "Round the average coat per unit to three decimal places and all other figures to whole dolar amounts. Show your computations Begin by preparing the income statement using LIFO, then average, and trally FIFO cost Vermont instruments Incorporated Income Statement for Microchip Month Ended January 31, 2021 LIFO 9900 Cast of goods sold Gruse Operating expenses 1800 C MacBook Air Clear at Chack anewer quirements. Data table wy was 1,000. - X Date Item Quantity Unit Cost Total Cost Jan 1 Beginning inventory 180 units $ 15 $ 2,700 ment 1. Prepare the company' rage cost per unit to three decim 6 Purchase 70 units 17 1.190 ds. Label the bottom line "Operating incom 21 Purchase 200 units 17 3,400 by preparing the income stateme 27 Purchase 90 units 18 1,620 Vermont Instrument Income Statement Month Ended Jan Print Done LIFO 99 as revenue t of goods sold oss profit 1800 perating expenses Operating income Instruments Incorporated that sells computer microchips has these inventory records inventory records.) cords show 450 units were sold for revenue of $9,900. Operating expense for January w 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 Vermont 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. 888 74 95 % Print Done FS MacBook Air 16 F6 & 7 da Dll 40 " FB T Y U 8 * 6