E6-19A. (Learning Objective 2, 3: Determining ending inventory and cost ofgoods sold FIFO vs. LIFO) MusicSheet.net specializes in sound equipment. Because each inventory item is expensive, MusicSheet uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Date Item Quantity Unit Cost Sale Price Apr 1 Balance 13 534 Apr 2 Purchase 6 65 Apr 7 Sale 9 $122 Apr 13 Sale 6 122 Requirements 1. Determine the amounts that MusicSheet should report for cost of goods sold and ending in- ventory in two ways: a. FIFO b. LIFO 2. MusicSheet uses the FIFO method. Prepare MusicSheet's Income Statement for the mouth ended April 30. reponing gross prot. Operating expenses totaled $280, and the income tax rate was 32%