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, 318 units; unit sales price, $52: Expenses, $1,540 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. Cost 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 of goods sold Beginning inventory (385 units @ 526) 10,010 $ 10,010 $ 10,010 Purchases (459 units @ $34) 15,606 15,606 15,606 Goods available for sale Ending inventory (526 units) Cost of goods sold $ 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, 318 units; unit sales price, $52: Expenses, $1,540 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, 318 units; unit sales price, $52; Expenses, $1,540 FIFO LIFO Average Cost Accounts payable Accounts receivable Cash Cost of goods sold Cost of goods sold Expenses Inventory Sales discount Sales revenue Required 1 Required 2 Required 3 Rank the three methods in order of income tax FIFO LIFO Average cost