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. Pank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, UFO, 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 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 imventory 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. Compute cost of goods sold under the FIFO, UFO, and average cost inventory costing methods: Notet Do not round intermediate calculations. 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 (fovorable cash flow). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method: Sales, 350 units; unit sales price, $50; Expenses, $1,700 Note: Use the cocs ampunt from Required 1 . Following is portial 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. Pank the three methods in order of income taxes pald (favorable cash flow)