Prepare an income statement through pretax income for each method.Effects L$07-2,7-3$

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:

points awarded

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, $327$ units; unit sales price, $$50$; Expenses, $$1,610$

Rank the three methods in order of income taxes paid $($favorable cash flow $-$ that is$,$ rank the method as $1$ if it produces the lowest

taxes, and $3$ if it produces the highest taxes.$).$

Complete this question by entering your answers in the tabs below.

Required $1$

Prepare an income statement through pretax income for each method.

Sales, $327$ units; unit sales price, $$50$; Expenses, $$1,610$

Note: Use the COGS amount from Required $1.$

Sales, $327$ units; unit sales price, $$50$; Expenses, $$1,610$