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.) FIFO LIFO Cost of goods sold Beginning inventory (700 units $4028,00028,000$ 28,000 Purchases (700 units@$20) 14,000 4,000 4,000 Goods available for sale 42,000 Ending inventory (900 units) Cost of goods sold 2. Prepare an income statement through pretax income for each method. Sales, 500 units; unit sales price, $60; Expenses, $1,100 FIFO LIFO revenue 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow) FIFO LIFO Average Cost