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: 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, 323 units; unit sales price, $51; Expenses, $1,640 Rank the three methods in order of income taxes paid (favorable cash flow). • Required 1 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: 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 @ $27) $10,476 $10,476 $10,476 Purchases (469 units @ $35) 16,415 16,415 16,415 Goods available for sale Ending inventory (534 units) Cost of goods sold Required 2 Prepare an income statement through pretax income for each method. Sales, 323 units; unit sales price, $51; Expenses, $1,640 Note: Use the COGS amount from Required 1. FIFO LIFO Average Cost Required 3 Rank the three methods in order of income taxes paid (favorable cash flow).