Can you help me with this please. I am not sure how if my answer is correct ### E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3Following 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: 329 units - Unit sales price: $54 - Expenses: $1,6003. 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.| | FIFO | LIFO | Average Cost ||---|---|---|---|| **Cost of goods sold** | | | || Beginning inventory (398 units @ $25) | $9,950 | $9,950 | $9,950 || Purchases (459 units @ $33) | $15,147 | $15,147 | $15,147 || **Goods available for sale** | $25,097 | $25,097 | $25,097 || Ending inventory (528 units) | $17,424 | $13,200 | $15,462 || **Cost of goods sold** | **$7,673** | **$11,897** | **$9,635** |---

Name: Can you help me with this please. I am not sure how if my answer is co
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Can you help me with this please. I am not sure how if my answer is correct ### E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3Following is partial information for the income statement