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, 304 units; unit sales price, $53; Expenses, $1,580 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. Required 1 Required 2 Required 3 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.) FIFO LIFO Average Cost Cost of goods sold Beginning inventory (380 units @ $28) $ 10,640 $ 10,640 $ 10,640 Purchases (465 units @$36) 16,740 16,740. 16,740 Goods available for sale Ending inventory (541 units) eBook Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 304 units; unit sales price, $53; Expenses, $1,580 Average FIFO LIFO Cost Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost < Required 2 Required 3