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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, $324$ units; unit sales price, $\backslash (\backslash$$ $51\backslash )$; Expenses, $\backslash (\backslash$$ $1,500\backslash )$

$3.$ 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 $3$

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. Required $1$

Required $2$

Required $3$

Prepare an income statement through pretax income for each method.

Sales, $324$ units; unit sales price, $\backslash$$$51$; Expenses, $\backslash$$$1,500$

Note: Use the COGS amount from Required $1.$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline & & & FIFO & & LIFO & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Average Cost$\}\backslash \backslash$

$\backslash$hline Sales revenue & $\backslash ((>)\backslash )$ & $\backslash$$ & $16,524$ & $\backslash$$ & $16,524$ & $\backslash$$ & $16,524\backslash \backslash$

$\backslash$hline Cost of goods sold & $\backslash ((>)\backslash )$ & & $8,748$ & & $11,340$ & & $10,167\backslash \backslash$

$\backslash$hline Gross profit & $($ & & $7,776$ & & $5,184$ & & $6,357\backslash \backslash$

$\backslash$hline Expenses & $($ & & $1,500$ & & $1,500$ & & $1,500\backslash \backslash$

$\backslash$hline Pretax income & $\backslash ((>)\backslash )$ & $\backslash$$ & $6,276$ & $\backslash$$ & $3,684$ & $\backslash$$ & $4,857\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Required $2$

Required $3$

Rank the three methods in order of income taxes paid $($favorable cash flow$).$

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