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.) Average Cost FIFO LIFO Cost of goods sold Beginning inventory (400 units@$40) 16,000 12,000 28,000 16,000 16,000 12,000 28,000 12,000 Purchases (400 units $30) Goods available for sale Ending inventory (550 units) 28,000 Cost of goods sold 2. Prepare an income statement through pretax income for each method. Sales, 250 units, unit sales price, $70; Expenses, $1,500 Average Cost FIFO LIFO Accounts payable Accounts receivable Cash Cost of goods sold Accounts receivable Cash Cost of goods sold Expenses Inventory Cost of goods sold Expenses Inventory Sales discount Sales revenue