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.

2. Prepare an income statement through pretax income for each method. Sales, 309 units; unit sales price, $53; Expenses, $1,690

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

	FIFO	LIFO	Average Cost
Cost of goods sold	10368	10368	10368
Beg. Inventory (384 units @ $27)	16170	16170	16170
Purchase (462 units @ $35)
Goods avail. for sale
ending inventory (537 units)
Cost of goods sold

***show work please**