E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects L07-2,7-3 Following is partialInformation for the income statement of Audio Solutions 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, UFO, and average cost inventory costing methods 2. Prepare an income statement through pretax income for each method Sales, 331 units unit sales price $55. Expenses. $1650 3. 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 Firo, LIFO, and average cost inventory Couting methods Rounde calculations to 2 decimal places. Round your answers to the nearest whole dollar amount) d FIFO LIFO Cost of goods sold Beginning inventory (400 units Purchases (466 @$35) $27) S 10.800 S 10,800 10.800 Required 2 > E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects L07-2,7-3 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: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods 2. Prepare an income statement through pretax income for each method. Sales, 331 units; unit sales price, $55: Expenses, $1.650 3. 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 Prepare an income statement through pretax income for each method. Sales, 331 units; unit sales price, $55; Expenses, $1,650 FIFO LIFO C E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects L07-2,7-3 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: 1. Compute cost of goods sold under the FIFO, UFO, and average cost inventory costing methods 2. Prepare an income statement through pretax income for each method Sales, 331 units; unit sales price, $55: Expenses $1650 3. Rank the three methods in order of income taxes paid (favorable cash flow Complete this question by entering your ans Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow).