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, LIO, 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, $1700 3. Rank the three methods in order of income taxes paid (fovorable cash flow) Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the fiFo, LiFo, and average cost imventory conting methods: Note: Do not round intermed ate calculations Prepare an income statement through pretax income for each method. Sales, 350 units; unit sales price, $50; Expenses, $1,700 Note: Use the COGS amount from Required 1. Rank the three methods in order of income taxes paid (favorable cash flow)