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question following is partial information for the income statement of audio solution 4284773

Question

 

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. (Do not round intermediate calculations.) Average FIFO LIFO Cost Cost of goods sold G 11,200 S 11,200 S 11,200 Beginning inventory (400 units S28) Purchases (475 units $35) 16,625 16,625 16,625 Goods available for sale 17,825 Ending inventory (525 units) Cost of goods sold 2. Prepare an income statement through pretax income for each method. Sales, 350 units, unit sales price, $50; Expenses, $1,700 Average FIFO LIFO Cost

 

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