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, 322 units; unit sales price, $51; Expenses, $1,690 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is complete but not entirely correct. 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 (382 units @ $ 10,314 $ 10,314 $ 10,314 $27) Purchases (474 units @ $35) 16,590 16,590 16,590 Goods available for sale Ending inventory (534 units) Cost of goods sold 26,904 26,904 26,904 (18,690) 14,418 x 16,784 $ 8,214 $ 12,486 $ 10,1200 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, 322 units; unit sales price, $51; Expenses, $1,690 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is complete but not entirely correct. 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, 322 units; unit sales price, $51; Expenses, $1,690 Sales revenue Cost of goods sold Gross profit Expenses Pretax income Average FIFO LIFO Cost $ 16,422 $ 16,422 $ 16,422 8,214 x 12,486 10,120 8,208 x 1,690 3,936 6,302 1,690 1,690 $ 6,518 $ 2,246 $ 4,612