E$7-9($Algo$)$ Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO$7-2,7-3$

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, $303$ units; unit sales price, $$53$; Expenses, $$1,690$

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 amount.

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Cost of goods sold$],[$Beginning inventory $(385$ units @ $$26),$$$,10,010,$$$,10,010,$$$,10,010],[$Purchases $(462$ units @ $$34),,15,708,,15,708,,15,708],[$Goods available for sale,,$5,698,,,,$n$],[$Ending inventory $(544$ units$)],[$Cost of goods sold,,,,,,$(1010]]$