1 Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: 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, 322 units; unit sales price, $52; Expenses, $1,520 3. Rank the three methods in order of income taxes paid (favorable cash flow). 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. FIFO LIFO Average Cost Cost of goods sold Beginning inventory (397 units @ $25) S 9,925 $ 9,925 $ 9,925 Purchases (459 units @ $33) 15,147 15,147 15,147 Goods available for sale Ending inventory (534 units) 25,072 25,072 25,072 Cost of goods sold Required 1 Required 2 >