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 toa. 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 statemehi? State the reason for each of your answers.please answer all please answer all or skip do not waste question or time by giving incomplete or incorrect answer please provide answer with explanation computation formula please answer with steps thanks Data tableDateJanItemBeginning inventory16 Purchase21Purchase27PurchaseQuantity140 units40 units150 units30 unitsUnit Cost Total Cost$14 $1717191,9606802,550570 Suppose a division of Ohio 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 330 units were sold for revenue of $7,920. Operating expense for January was $1,500.Read the requirements.Requirement 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFOmethods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures towhole-dollar amounts. Show your computations.Begin by preparing the income statement using LIFO, then average, and finally FIFO cost.Ohio Instruments IncorporatedIncome Statement for MicrochipMonth Ended January 31, 2021Sales revenueCost of goods soldGross profitOperating expensesOperating incomeSOODSLIFO

Name: Requirements 1. Prepare the company's January, multistep income statem
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Description: 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 othe

Note: As per our guidelines, we will solve the first three subparts. 1. Units sold = 330 units…

Answered: Suppose a division of Ohio Instruments…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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 statemehi? State the reason for each of your answers.

please answer all please answer all or skip do not waste question or time by giving incomplete or incorrect answer please provide answer with explanation computation formula please answer with steps thanks

Data table
Date
Jan
Item
Beginning inventory
1
6 Purchase
21
Purchase
27
Purchase
Quantity
140 units
40 units
150 units
30 units
Unit Cost Total Cost
$
14 $
17
17
19
1,960
680
2,550
570

Suppose a division of Ohio 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 330 units were sold for revenue of $7,920. Operating expense for January was $1,500.
Read the requirements.
Requirement 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.
Begin by preparing the income statement using LIFO, then average, and finally FIFO cost.
Ohio Instruments Incorporated
Income Statement for Microchip
Month Ended January 31, 2021
Sales revenue
Cost of goods sold
Gross profit
Operating expenses
Operating income
SOODS
LIFO

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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