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.

2. Prepare an income statement through pretax income for each method.

Sales, 321 units; unit sales price, $55; Expenses, $1,500

1.

	FIFO	LIFO	Average Cost
Cost of goods sold
Beginning inventory (397 units @ $28)	$11,116	$11,116	$11,116
Purchases (459 units @ $36)	16,524	16,524	16,524
Goods available for sale
Ending inventory (535 units )
Cost of goods sold

2.

	FIFO	LIFO	Average Cost