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, $1,500 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 LIFO Average Cost $ $ $ 16,000 12,000 16,000 12,000 16,000 12,000 Cost of goods sold Beginning inventory (400 units @ $40) Purchases (400 units @ $30) Goods available for sale Ending inventory (550 units) Cost of goods sold JUU . 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, $1,500 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 Prepare an income statement through pretax income for each method. Sales, 250 units; unit sales price, $70; Expenses, $1,500 FIFO LIFO Average Cost 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, $1,500 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 Rank the three methods in order of preference based on income taxes paid (favorable cash flow). FIFO LIFO Average Cost