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, 327 units, unit sales price, $53; 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. (Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) FIFO LIFO Average Cost $ $ 10,668 10,668 $ 17,064 10,668 17,064 17,064 Cost of goods sold Beginning inventory (381 units @ $28) Purchases (474 units @ $36) Goods available sale Ending inventory (528 units) Cost of goods sold Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $53; Expenses, $1,700 FIFO LIFO Average Cost Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost