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, 315 units; unit sales price, $54; Expenses, $1,520 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. 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 (384 units @ $26) $ 9,984 $ 9,984 $ 9,984 Purchases (459 units @ $34) 15,608 15,608 15.608 Goods available for sale Ending inventory (528 units) 25,590 25,590 25,590 Cost of goods sold < Required 1 Required 2 > Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 315 units; unit sales price, $54; Expenses, $1,520 Note: Use the COGS amount from Required 1. Sales revenue Cost of goods sold Gross profit Expenses Pretax income FIFO LIFO Average Cost $ 17,010 $ 17,010 $ 17,010 < Required 1 Required 3 >