MusicBiz.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers:

Requirements
1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory in the following two ways:
a. FIFO
b. Weighted-average cost
2. MusicBiz uses the FIFO method. Prepare MusicBiz's income statement for the month ended June 30, 2014, reporting gross profit. Operating expenses totalled $319, and the income tax rate was 25%.

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Date ltem Quantity Unit Cost Sale Price June 1 Balance $ 95 8 Sale 10 Purchase 30 Sale 3 $155 100 160