Following is partial information for the income statement of Audio Solutions Company under three different inventory costing meth

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, $350$ units; unit sales price, $$50$; Expenses, $$1,700$

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 $2$

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

Note: Do not round intermediate calculations.

$\backslash$table$[[$FIFO$,$LIFO,Average$]]$

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

Note: Do not round intermediate calculations.