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, 312 units; unit sales price, \$53; Expenises, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow - that is, rank the method as 1 if it produces the lowest taxes, and 3 if it produces the highest toxes). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 312 units; unit sales price, $53; Expenses, $1,700 Note: Use the Cogs amount from Required 1. 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, 312 units; unit sales price, \$53; Expenises, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow - that is, rank the method as 1 if it produces the lowest taxes, and 3 if it produces the highest toxes). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 312 units; unit sales price, $53; Expenses, $1,700 Note: Use the Cogs amount from Required 1