3. 20.00 points E7-10 Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2,7-3 Following is partial information for the income statement of Arturo Technologies 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. (Do not round intermediate calculations.) FO F O Average 530 12.000 12.00 12 Cost of Beginning inventory 400 Puht 520) Goods for sale Ending inventory (500 ) Colofood 2. Prepare an income statement through pretax income for each method. Sales, 300 units; unit sales price, $50; Expenses. $2,500 puro LIFO Average 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow)