Following is partial information for the income statement of Audio Solutions 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.(Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.)

FIFOLIFOAverage CostCost of goods soldBeginning inventory (383 units)$9,958$9,958$9,958Purchases (472 units)16,04816,04816,048Goods available for saleEnding inventory (537 units)Cost of goods sold

Prepare an income statement through pretax income for each method.
	Sales, 318 units; unit sales price, $51; Expenses, $1,670 Rank the three methods in order of income taxes paid (favorable cash flow).