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E 7 - 9 ( Algo ) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO 7 - 2 ,

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E7-9(Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2,7-3
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:
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
Prepare an income statement through pretax income for each method.
Sales, 320 units; unit sales price, $52; Expenses, $1,530
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
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.
\table[[,FIFO,LIFO,\table[[Average],[Cost]],],[Cost of goods sold,,,,],[Beginning inventory (391 units @ $27),$10,557,$,10,557,$.10,557
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