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 solc er the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 350 units; unit sales price, $50Expenses, $1,700 3. 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. (Do not round intermediate calculations.) FIFO LIFO Average Cost $ 11,200 $ 16,625 11,200 $ 16,625 11,200 16,625 Cost of goods sold Beginning inventory (400 units @ $28) Purchases (475 units @ $35) Goods available for sale Ending inventory (525 units) Cost of goods sold Required Required 2 >