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, 306 units: unit sales price, $53; Expenses. $1,690 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. (Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) FIFO LIFO Average Cost $ 10,260 $ 10,260 $ 10,260 16.380 16.380 16.380 Cost of goods sold Beginning inventory (380 units @ $27) Purchases (468 units @ $35) Goods available for sale Ending inventory (542 units) Cost of goods sold Prepare an income statement through pretax income for each method. Sales, 306 units; unit sales price, $53; Expenses, $1,690 FIFO LIFO Average Cost Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost