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, $320$ units; unit sales price, $$54$; Expenses, $$1,510$

Rank the three methods in order of income taxes paid $($favorable cash flow$).$

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Rank the three methods in order of income taxes paid $($favorable cash flow$).$