Data table

Date	Item	Quantity	Unit Cost	Sale Price
Mar 1	Balance	19	$31
Mar 2	Purchase	5	68
Mar 7	Sale	7		$100
Mar 13	Sale	7		97

MusicYear

specializes in sound equipment. Company records indicate the following data for a line of speakers:

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(Click the icon to view the data.)Read the requirements

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.

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Part 1

Requirement 1. Determine the amounts that

MusicYear

should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO.

(MusicYear

uses a perpetual inventory system.)Start by determining the amounts that

MusicYear

should report for cost of goods sold and ending inventory under a. FIFO.

FIFO method cost of goods sold =	$434
FIFO method ending inventory =	$495

Part 2

Determinie the amounts that

MusicYear

should report for cost of goods sold and ending inventory under

b.

LIFO.

LIFO method cost of goods sold =	693
LIFO method ending inventory =