3. value: 10.00 points 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.) Average Cost FIFO LIFO Cost of goods sold Beginning inventory (800 units@ 32,000 32,000 S 40) 32,000 24,000 Purchases (800 units@$30) 24,000 24,000 Goods available for sale Ending inventory (1,000 units) Cost of goods sold 2. Prepare an income statement through pretax income for each method. Sales, 600 units; unit sales price, $60; Expenses, $1,000 Average Cost FIFO LIFO 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). FIFQ LIFO Average Cost