Suppose a division of Utah Instruments Incorporated that sells computer microchips has these inventory records for January 2016 E Cick the icon to view the inventory records.) Company accounting records show sales of 420 units for revenue of $10,080. Operating expense for January was $3,100.

Utah instruments Incorporated Icome Statement for Microchip Month Ended January 31, 2016 LIFO Average FIFO Sales revenue 10080 10080 10080 Cost of goods sold Groes profit Operating expenses 3100 3100 3100 Operating income Date Item Quantity Unit Cost Total Cost Jan Beginning inventory 160 units 1.120 Purchase 60 units 13 780 21 Purchase 200 units 14 2,800 27 Purchase 80 units 15 1.200 %24