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 seld under the FIFO, LFO, and arverage cest irventory costing methods.

Prepare an income statemem through pretax income for each method.

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

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

Complete this question by entering your answers in the tabs below.

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

Note: Do not round intermediate calculations.

mequired I

Compute cont of gooda sold under the FIFO, LFO, and average cont inveritory coating methoda.

Notel Do not round intermediate calculations.

Prepare an income statement through pretax income for each method.

Prepare an income statement through pretax income for

Note: Use the coos amount frem Required $1.$

$$ Mequired $1$