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Foliowing is partial information for the income statement of Audio Solutions Company under three different irventory costing methods. assuming the use of a periodic inventory system: Requlred: 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, 322 units; unit sales price. $51; Expenses. $1,700 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 FIFO, LiFO, and average cost inventory costing methods. Noter Round intermediate calculations to 2 decimal places, Round your angrers to the neareat whole dollar amount. Complete this question by entering your answers in the tabs below. Prepare an indd Sales, 322 units: unit sales price, 551 ; Expenses, $1,700 Note: Use the COGS amount from Required 1. 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, 322 units; unit saies price, \$51, Expenses, $1,700 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. Rank the three methods in order of inc-nse taxes paid (favorable cash flow)