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, 331 units; unit sales price, $51; Expenses, $1,510 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 (395 units @ $28) $ 11,060 $ 11,060 $ 11,060 Purchases (472 units @ $36) 16,992 16,992 16,992 28,052 28,052 28,052 Goods available for sale Ending inventory (536 units) Cost of goods sold Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 331 units; unit sales price, $51; Expenses, $1,510 Sales revenue Cost of goods sold Gross profit Expenses Pretax income FIFO LIFO Average Cost