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, 309 units; unit sales price, $54; Expenses, $1,540 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. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold Beginning inventory (390 units @ $28) $ 10920 $ 10,920 $ 10,920 Purchases (458 units @ $36) 16,488 16,488 16,488 Goods available for sale Ending inventory (539 units ) Cost of goods sold