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, 310 units; unit sales price, $54; Expenses, $1,620 3. Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average Cost Cost of goods sold $26) $ 9,906 $ 9,906 $ 9,906 Beginning inventory (381 units Purchases (463 units @ $34) Goods available for sale 15,742 15,742 15,742 25,648 25,648 25,648 Ending inventory (534 units ) Cost of goods sold Prepare an income statement through pretax income for each method. Sales, 310 units; unit sales price, $54; Expenses, $1,620 FIFO LIFO Average Cost