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, 313 units; unit soles price, $54: Expenses, $1,500 3. Rank the three methods in order of income taxes peld (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 $ Cost of goods sold Beginning inventory (388 units @ $28) Purchases (468 units @ $36) Goods available for sale Ending inventory (543 units) Cost of goods sold 10,864 $ 16,848 27,712 18,948 10,864 $ 16,848 27,712 16,444 10,864 16,848 27,712