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 FFO. LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 350 units, unit sales price, $50; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Ssles, 350 unitsi unit sales price, $50; Expenses, $1,700 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 FFO. LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 350 units, unit sales price, $50; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Ssles, 350 unitsi unit sales price, $50; Expenses, $1,700