Required:

$1-$a$.$ Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

$1-$b$.$ Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.

$2.$ Between FIFO and LIFO, which method is preferable in terms of $(a)$ net income and $(b)$ income taxes paid $($cash flow$)?$ prices were falling?

Answer is not complete.

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

Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.

Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount. Use the COGS amount from Required $1a.$

$\backslash$table$[[$Income Statement,FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Sales Revenue,$$634,920,$$$634,920,634,920$