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, 317 units; unit sales price, $55; Expenses, $1,650

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. Note: 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 (469 units @ $35)	16,415	16,415	16,415
Goods available for sale
Ending inventory (534 units )
Cost of goods sold