Foliowing is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodicinventory 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, 350 units, unit sales price, $50, Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable castiflow) Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FiFO, LFO, and average cost inventory costing methods. Note: Do not round intermediate calculations Following is partial information for the income statement of Audio Solutions Company under three different inveritory 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, 350 units; unit sales price, $50, Expenses, $1,700 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. Prepare on income statement through protax income for each method. Sales, 350 units; unit sales price, $50; Expenses, $1,700 Note: Une the coGs amount from Required i. 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, 350 units, unit sales price, $50; Expenses, $1,700 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. Rank the three methods in order of income taxes paid (favorable cash flow)