1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 323 units; unit sales price, $50; Expenses, $1,560 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is not complete. 52 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold FIFO LIFO Average Cost Beginning inventory (399 units @ $27) $ 10,773 $ 10,773 $ 10,773 Purchases (468 units @ $35) 16,380 16,380 16,380 Goods available for sale 27,153 27,153 27,153 Ending inventory (544 units) 14,688 Cost of goods sold 3 Required 1 Required 2 > 26 Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 323 units; unit sales price, $50; Expenses, $1,560 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 323 units; unit sales price, $50; Expenses, $1,560 Note: Use the COGS amount from Required 1. FIFO LIFO Average Cost Drov 2 of 5 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 323 units; unit sales price, $50; Expenses, $1,560 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost Required