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, 315 units; unit sales price, $51, Expenses, $1,590 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 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.) Required 3 Cost of goods sold Beginning inventory (385 units @ $27) Purchases (459 units @ $35) Goods available for sale Ending inventory (529 units) Cost of goods sold $ FIFO LIFO Required Average Cost 10,395 $ 10,395 $ 16,065 16,065 26,460 26,460 10,395 16,065 26,460 Required 2 > ok ces 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, 315 units; unit sales price, $51; Expenses, $1,590 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 Prepare an income statement through pretax income for each method. Sales, 315 units; unit sales price, $51; Expenses, $1,590 Sales revenue muld Accounts payable Accounts receiva Required 3 Cash Cost of goods sold Expenses FIFO LIFO Gan Sales, 315 units; unit sales price, $51, Expenses, $1,590 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, 315 units; unit sales price, $51; Expenses, $1,590 Cost of goods sold Cost of goods sold Expenses Inventory Sales discount Sales revenue FIFO LIFO Clockary wore 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, 315 units; unit sales price, $51; Expenses, $1,590 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 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost