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, 318 units; unit sales price, $54; Expenses, $1,620 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 (386 units @ $26) S 10,036 $ 10,036 $ 10,036 Purchases (474 units @ $34) 16,116 16,116 16,116 Goods available for sale 26,152 26,152 26,152 Ending inventory (542 units) 17,884 15,340 Cost of goods sold $ 8,268 $ 10,812 Prev 8 of 11 Next >