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, 313 units; unit sales price, $53; Expenses, $1,600 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is not complete. 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 method calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) FIFO LIFO Average Cost Cost of goods sold Beginning inventory (396 units @ $26) Purchases (456 units @ $34) $ 10,296 $ 10,296 $ 10,296 15,504 15,504 15,504 Goods available for sale 852 X 852 X Ending inventory (539 units) Cost of goods sold 17,662 $ 8,138 15,158 $ 10,642 16,321 9,478 $ X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 313 units; unit sales price, $53; Expenses, $1,600 FIFO LIFO Average Cost $ 16,589 $ 16,589 $ 16,589