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 perpetual inventory system. Company records indicate the following data for a line of speakers: Date Item Quantity Unit Cost Sale Price 18 $34 65 Apr 1 Apr 2 Apr 7 Apr 13 Balance.......... Purchase. Sale Sale 6 9 $122 122 6 Requirements 1. Determine the amounts that MusicSheet should report for cost of goods sold and ending in- ventory in three ways: a. FIFO b. LIFO c. Weighted Average cost (round to 2 decimal places) 2. MusicSheet uses the FIFO method. Prepare MusicSheet's Income Statement for the month ended April 30, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 32%. 3. Show the Statement of financial position (extracts) for the ending inventory under FIFO