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, 328 units; unit sales price, $54; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow - that is, rank the method as 1 if it produces the lowest taxes, and 3 if it produces the highest taxes.). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. FIFO LIFO Average Cost Cost of goods sold Beginning inventory (394 units @ $28) $ Purchases (471 units @ $36) 11,032 $ 16,956 11,032 $ 11,032 16,956 16,956 Goods available for sale Ending inventory (537 units) Cost of goods sold 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, 328 units; unit sales price, $54; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow - that is, rank the method as 1 if it produces the lowest taxes, and 3 if it produces the highest taxes.). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 328 units; unit sales price, $54; Expenses, $1,700 Note: Use the COGS amount from Required 1. FIFO Average LIFO Cost 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, 328 units; unit sales price, $54; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow - that is, rank the method as 1 if it produces the lowest taxes, and 3 if it produces the highest taxes.). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost