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ollowing is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, ssuming the use of a periodic inventory system: equired: - 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, 313 units; unit sales price, $53; Expenses, $1,570 Rank the three methods in order of income taxes paid (fovorable 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 liventory costing methpds. Note: Round intermediate calculations to 2 decirnal places. Round your answers to the nearest whole dollar amount. 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: 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, 313 units; unit sales price, $53; Expenses, $1,570 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 313 units; unit sales price, $53; Expenses, $1,570 Note: Use the coGs amount from Required 1 . 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, 313 units; unit sales price, $53; Expenses, $1,570 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Rank the three methods in order of income taxes paid (favorabie cash flow)