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, 320 units; unit sales price, $51; 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. Cost of goods sold FIFO LIFO Average Cost Beginning inventory (387 units @ $26) $ Purchases (469 units @ $34) 10,062 $ 10,062 15,946 15,946 $ 10,062 15,946 Goods available for sale Ending inventory (536 units) Cost of goods sold < Required 1 Required 2 > Check my work