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, 550 units, unit sales price, $80; Expenses, $1,600 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 Cost of goods sold Beginning inventory (700 units @ $40) Purchases (700 units @ $30) Goods available for sale Ending Inventory (850 units) Cost of goods sold $ 28,000 $ 28,000 $ 21,000 21,000 49,000 49,000 28,000 21.000 49,000 Required Required 2 >