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. (Do not round intermediate calculations.) Average Cost FIFO LIFO Cost of goods sold Beginning inventory (350 units Purchases (350 units$20) Goods available for sale Ending inventory (550 units) $30 7,000 7,000 7,000 Cost of goods sold 2. Prepare an income statement through pretax income for each method Sales, 150 units, unit sales price, S50; Expenses, $1,500 Average Cost FIFO LIFO 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). FIFO LIFO Average Cost