Business, 05.03.2020 02:11 stressedmolly8387
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, 336 units; unit sales price, $54; Expenses, $1,5103. Rank the three methods in order of income taxes paid (favorable cash flow).
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