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Following is partial information for the income statement of Audio Solutions Company under...

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Accounting

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, 309 units; unit sales price, $54; Expenses, $1,540
Rank the three methods in order of income taxes paid (favorable cash flow).

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