E6-19A. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold FIFO vs. LIFO) MusicSheet.net specializes in sound equipment. Because each inventory item is expensive, MusicSheet uses a perpaual inventory system. Company records indicate the following data for a line of speakers: Periodic Date Item Quantity Unit Cost Sale Price $34 65 Apr 1 Apr 2 Apr 7 Apr 13 Balance... Purchase. Sale Sale 18 6 9 6 $122 122 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 C. Average cost 2. MusicSheet uses the FIFO method. Prepare MusicSheets Income Statement for the month ended April 30, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 32%