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:

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Prepare an income statement through pretax income for each method.

Sales, $324$ units; unit sales price, $$55$; Expenses, $$1,640$

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 $3$

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.

$\backslash$table$[[$Cost of goods sold,FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[,,,,,],[$Beginning inventory $(389$ units @ $$28),$$$,10,892,$$$,10,892,$$$,10,892],[$Purchases $(464$ units @ $$36),,16,704,,16,704,,16,704],[$Goods available for sale,,,,,,$],[$Ending inventory $(529$ units $),,,,,,],[$Cost of goods sold,,,,,,$]]$