E$7-9($Algo$)$ Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects L$07-2,7-3$

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, $320$ units; unit sales price, $$52$; Expenses, $$1,530$

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 $1$

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$[[$Cost of goods sold,FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[,],[$Beginning inventory $(391$ units @ $$27),$$$,10,557,$$$,10,557,$$$,10,557],[$Purchases $(467$ units @ $$35),,16,345,,16,345,,16,345],[$Goods available for sale,,$,,,,],[$Ending inventory $(538$ units $),,,,,,],[$Cost of goods sold,,,,,,$]]$