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, 307 units; unit sales price, $54; Expenses, $1,570 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 307 units; unit sales price, $54; Expenses, $1,570 Note: Use the COGS amount from Required 1. FIFO LIFO Sales revenue $ 16,578 ( $ 16,578 Average Cost $ 16,578 Cost of goods sold 7,982 10,438 0 Gross profit 8,596 6,140 Expenses 1,570 1,570 1,570 Pretax income $ 7,026 $ 4,570 $ 0