Chapter $7$ Homework Set $($i

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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:

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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, $320$ units; unit sales price, $$54$; Expenses, $$1,510$

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 $1$

Required $2$

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

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Cost of goods sold$],[$Beginning inventory $(381$ units @ $$26),$$$,9,906,$$$,9,906,$$$,9,906],[$Purchases $(464$ units @ $$34),,15,776,,15,776,,15,776],[$Goods available for sale$],[$Ending inventory $(525$ units$)],[$Cost of goods sold,,,,,,$]]$

Required $1$

Required $2$