Check my wc 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, 350 units: unit sales price, $50: Expenses, $1,700 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. (Do not ro calculations.) FIFO LIFO Average ary (400 units @ 528) 5 11.2005 5 $ $ Cost of goods sold Beginning inventory (400 units @ 528) Purchases (475 units @ $35) Goods available for sale Ending inventory (525 units) Cost of goods sold 11,200 16,625 11.200 11,200 16,625 16.625 1.200 16,625 Required 2 > Prey 505!!! Check my 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, 350 units, unit sales price, $50; Expenses, $1,700 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 Prepare an income statement through pretax income for each method. Sales, 350 units; unit sales price, $50; Expenses, $1,700 FIFO LIFO Average Cost 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, 350 units; unit sales price, $50; Expenses, $1,700 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 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average Cost