Compute cost of goods sold under the

Prepare an income statement through pretax income for each method.

Sales, $350$ units; unit sales price, $$50$; Expenses, $$1,700$

$2$

Rank the three methods in order of income taxes paid $($favorable cash flow$).$

points

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare an income statement through pretax income for each method.

Sales, $350$ units; unit sales price, $$50$; Expenses, $$1,700$

Note: Use the COGS amount from Required $1.$

References

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Sales revenue,,,$],[$Cost of goods sold,,,$],[$Gross profit,,,$],[$Expenses$,,,],[$Pretax income,,,$]]$