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, 350 units; unit sales price, $50; Expenses, $1,700 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. (Do not round intermediate calculations.) FIFO LIFO Average Coat Cost of goods sold Beginning inventory (400 units @ 528) Purchases (475 units @ $35) Goods avaible for sale Ending inventory (525 units) Cost of goods sold $ 15,200 $11.2005 15.625 16.625 11.200 16,625 Required 2 >