Below is partial information for the income statement of Lumber Company under three different inventory costing

5. value:15.00 points Below is partial information for the income statement of Lumber 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. (Input all amounts as positive values. Round your weighted average cost per unit to 2 decimal places and all other answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the “$” sign in your response.)FIFOLIFOAverage Cost Cost of goods sold: Beginning inventory (386 units)$10,422 $10,422 $10,422 Purchases (466 units)16,310 16,310 16,310 Goods available for sale Ending inventory (538 units) Cost of goods sold$ $ $ 2.Prepare an income statement through pretax income for each method. (Input all amounts as positive values. Round your answer to the nearest dollar amount. Omit the “$” sign in your response.)Income StatementFIFOLIFOAverage Cost Sales revenue$ $ $

Cost of goods sold Gross profit Expenses Pretax income$ $ $ Sales, 314 units; unit sales price, $54 Expenses, $1,5903.Rank the three methods in order of income taxes paid (favorable cash flow). LIFO(Click to select)Rank 1Rank 2Rank 3 Weighted average(Click to select)Rank 1Rank 2Rank 3 FIFO(Click to select)Rank 1Rank 2Rank 3 5. value:15.00 pointsBelow is partial information for the income statement of Lumber Company under three different inventory costing methods, assuming the use of a periodic inventory system:Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Input all amounts as positive values. Round your weighted average cost per unit to 2 decimal places and all other answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the “$” sign in your response.)Prepare an income statement through pretax income for each method. (Input all amounts as positive values. Round your answer to the nearest dollar amount. Omit the “$” sign in your response.)

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