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 sold under the FIFO, LIFO, and average cost inventory costing methods. (Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.)

	FIFO	LIFO	Average Cost
Cost of goods sold
Beginning inventory (382 units @ $27)	$10,314	$10,314	$10,314
Purchases (472 units @ $35)	16,520	16,520	16,520
Goods available for sale	26,834	26,834	26,834
Ending inventory (537 units )
Cost of goods sold

2. Prepare an income statement through pretax income for each method.

Sales, 317 units; unit sales price, $54; Expenses, $1,670

	FIFO	LIFO	Average Cost
Sales revenue

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