LIUI LIU Income statement of Audio Solutions Company under three different inventory costing 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, 311 units; unit sales price, $54; Expenses, $1,650 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. Required 1 Required 2 Required 3 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 $ $ $ 10,192 15,470 10,192 15,470 10,192 15,470 Cost of goods sold Beginning inventory (392 units @ $26) Purchases (455 units @ $34) Goods available for sale Ending inventory (536 units) Cost of goods sold Required 2 > ( Required 1 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, 311 units; unit sales price, $54; Expenses, $1,650 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. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 311 units; unit sales price, $54; Expenses, $1,650 FIFO LIFO Average Cost > Required 3