Cem's Company sells custom-order paintings made with watercolor pastels and recycled canvases. Cem's company is located in Nashville, TN. Following is partial information for the income statement of Cem's 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, 150 units; unit sales price, ( $ 50 ); Expenses, ( $ 1,500 ) 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Cem's Company sells custom-order paintings made with watercolor pastels and recycled canvases. Cem's company is located in Nashville. TN. Following is partial information for the income statement of Cem's Company under three different inventory costing methods, assuming the use of a periodic inventory system. Required: 1. Compute cost of goods sold under the FFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method Sales, 150 units, unit sales price, $50, Expenses, $1,500 3. Rank the three methods in order of preference based on income laxes pold favorable cash flow). Complete this question try enterinu your answers in the tabs below. Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, UFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 150 units; unit sales price, $50; Expenses, $1,500 Rank the three methods in order of preference based on income taxes paid (favorable cash flow) Complete this question by entering your answers in the tabs below. Rank the three methods in order of preference based on income taxes paid (favorable cash flow)