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Please show how you got the answers Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods,

Please show how you got the answers

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:

Please show how you got the answers

Required 1: Compute the 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.)

Cost of goods sold
Beginning inventory (385 units @ $26) $10,010 $10,010 $10,010
Purchases (464 units @ $34) 15,776 15,776 15,776
Goods available for sale 25,786 25,786 25,786
Ending inventory (535 units )
Cost of goods sold

Please show how you got the answers.

Required 2: Prepare an income statement through pretax income for each method. Sales, 314 units; unit sales price, $53; Expenses, $1,680

FIFO LIFO Average Cost

Required 3

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

FIFO
LIFO
Average cost

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