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 Compony under three different inventery 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 pretaxincome for each method. Sales, 304 units: unit sales price, $52; Expenses, $1,520 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. Compute cost of goods sold under the FFO,L.FO, and average cost inventory costing methods. Note: Round intermediate calcutations to 2 decimal places. Round your answers to the nearest whole dollar amount. E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2,7-3 Following is partiol information for the income statement of Audio Solutions Company under three different inventory costing methods. assuming the use of a petiodic 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, 304 units, unit sales price, \$52; Expenses, $1,520 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. Prepare an income statement through pretax income for each method. Sales, 304 units; unit sales price, $52; Expenses, $1,520 Noter Use the CoGs amount from Required 1. 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 Compony under three different imventory costing methods. assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and averege cost inventory costing methods: 2. Prepare an income statement through pretax income for each method. Sales, 304 units; unit soles price, \$52; Expenses, \$1,520 3. Rank the three methods in order of income taxes paid (fovorable cash flow). Complete this question by entering your answers in the tabs below. Rank the three methods in order of income taxes paid (favorable cash fow)