Following is partial information for the income statement of Arturo Technologies 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, 600 units; unit sales price, $60; Expenses, $2,000 3. Rank the three methods in order of preference based on 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. FIFO LIFO Average Cost $ $ $ 28,000 28,000 21,000 28,000 21,000 21,000 Cost of goods sold Beginning inventory (700 units @ $40) Purchases (700 units @ $30) Goods available for sale Ending inventory (800 units) Cost of goods sold