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:

Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

Prepare an income statement through pretax income for each method.

Sales, $316$ units; unit sales price, $$51$; Expenses, $$1,590$

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.

Note: Round intermediate calculations to $2$ decimal places. Round your answers to the nearest whole dollar amount.

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Cost of goods sold$],[$Beginning inventory $(392$ units @ $$28),$$$,10,976,$$$,10,976,$$$,10,976],[$Purchases $(464$ units @ $$36),,16,704,,16,704,,16,704],[$Goods available for sale,,$27,680,,27,680,,27,680],[$Ending inventory $(540$ units$)],[$Cost of goods sold,,,,,,$]]$