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, 315 units; unit sales price, $52; Expenses, $1,540 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 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 (383 units @ $ 10,341 $ 10,341 $ 10,341 $27) Purchases (474 units @ $35) Goods available for sale Ending inventory (542 units) Cost of goods sold 16,590 26,931 16,590 16,590 26,931 26,931 21,042 x