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: 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, 331 units; unit sales price, \$54; Expenses, $1,600 3. Rank the three methods in order of income taxes paid (favorable cash flow). 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. Prepare an income statement through pretax income for each method. Sales, 331 units; unit sales price, $54; Expenses, $1,600 Note: Use the COGS amount from Required 1. Rank the three methods in order of income taxes paid (favorable cash flow)