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, UFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 328 units; unit sales price, $50; Expenses, $1,640 3. Rank the three methods in order of income taxes poid (fovoroble cash fiom). Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the Fro, uro, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal placns. Round your answers to the neareat whole dol ar amount 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, $50; Expenses, $1,640 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. Prepare an income statement through pretax income for each method. Sales, 328 units; unit sales price, $50; Expenses, $1,640 Notel Use the COGS amount from Required 1. 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, \$50; Expenses, $1,640 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. Rank the three methods in order of income taxes pald (favorable cash flow)