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 Average Cost Cost of goods sold $ 24,000$ 24,000 $ 24,000 8,0008,00018,000 Beginning inventory (600 units Purchases (600 units@ $30) Goods available for sale Ending inventory (700 units) $40) Cost of goods sold 2. Prepare an income statement through pretax income for each method Sales, 500 units; unit sales price, $60; Expenses, $1,200 Average Cost FIFO LIFO 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). FIFO LIFO Average Cost