Following is partial information for the income statement of Audio Solutions Company under three different inventory costing meth 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, $52: Expenses, $1,650 3. Rank the three methods in order of income taxes paid (favorable cash flow). -56 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 Cost of goods sold Beginning inventory (385 units @ $28) $ 10,010 $ 10,010 $ 10,010 Purchases (461 units $34) 15,674 15,674 15,674 Goods available for sale Endine 1920 Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing met calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) FIFO LIFO Average Cost $ 10,010 Cost of goods sold Beginning inventory (385 units @ $26) Purchases (461 units @ $34) Goods available for sale Ending Inventory (539 units) Cost of goods sold 10,010 $ 15,674 10,010 $ 15,674 15,674 Required 1 Required 2 > Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 307 units; unit sales price, $52; Expenses, $1,650 FIFO LIFO Average Cost