Data table

$\backslash$table$[[$Date$,$Item,Quantity,Unit Cost,Sale Price,$],[$Mar $1,$Balance,$13,$$$,52,],[$Mar $2,$Purchase,$6,69,,],[$Mar $7,$Sale,$6,,$$$,107],[$Mar $13,$Sale,$5,,105,]]$

Start by determining the amounts that MusicBiz should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

Determinie the amounts that MusicBiz should report for cost of goods sold and ending inventory under b$.$ LIFO.

LIFO method cost of goods sold $=$

$$674$

LIFO method ending inventory $=$

$$416$

rate was $30\%.($Round answers to the nearest dollar.$)$

MusicBiz

Income Statement

Month Ended March $31,2021$

Sales revenue

Cost of goods sold

$572$

Gross profit

Operating expenses

Income before income tax

Income tax expense

Net income

Requirements

Determine the amounts that MusicBiz should report for cost of goods sold and

ending inventory two ways: $($MusicBiz uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicBiz uses the FIFO method. Prepare the company's income statement for

the month ended March $31,2021,$ reporting gross profit. Operating expenses

totaled $$240,$ and the income tax rate was $30\%.$

k my instructor