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, 250 units; unit sales price, $70; Expenses, $1,000 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). * Answer is not complete. 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 $ 14,000 $ 14,000 $ 14,000 Cost of goods sold Beginning inventory (350 units @ $40) Purchases (350 units @ $30) Goods available for sale Ending inventory (450 units) Cost of goods sold 10,500 24,500 15,000 X 6,500 X $ 10,500 24,500 15,000 X 6,500 x 10,500 24,500 15,000 X Required 1 Required 2 > 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, 250 units; unit sales price, $70; Expenses, $1,000 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 250 units; unit sales price, $70; Expenses, $1,000 FIFO LIFO Average Cost $ 17,500 $ 17,500 $ 17,500 Sales revenue Required 1 Required 3 >