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, 300 units; unit sales price, $60; Expenses, $2,000 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 (450 units @ $30) $ 13,500 $ 13,500 $ 13,500 Purchases (450 units @ $10) 4,500 4,500 4,500 Goods available for sale Ending inventory (600 units) Cost of goods sold Required Required 2 > Following is partial information for the income statement of Arturo Technologies Company under three diffe 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, 300 units; unit sales price, $60; Expenses, $2,000 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 es Prepare an income statement through pretax income for each method. Sales, 300 units; unit sales price, $60; Expenses, $2,000 FIFO LIFO Average Cost 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, 300 units; unit sales price, $60; Expenses, $2,000 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