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, 150 units; unit sales price, $50; Expenses, $1,500 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 (350 units @ $30) $ 10,500 $10,500 $ 10,500 Purchases (350 units @ $20) 7,000 7,000 7,000 17,500 17,500 17,500 Goods available for sale Ending inventory (550 units) Cost of goods sold < Required 1 Required 2 >