Need help on finding the COGS and ending inventory for FIFO and LIFO, and also how to calculate the Sales Revenue.

MusicWorldnet specializes in sound equipment. Because each inventory item is expensive. MusicWorld uses a perpetual inventory system. Company records indicate the following data for a line ofspeakers a (Click the icon to view the data.) Requirements 1. Determine the amounts That MusicWorld should report Ior cost of goods sold and ending inventory two ways: a. FiFO b. LiFO 2. MusicWorid uses the FIFO method. Prepare MusicWorld's income statement for the month ended June 30, 2014. reponing gross profit Operating expenses totaled $340. and the income tax rate was 40%. Requirement 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways a. FIFO and h. LIFO in. Using the FIFO method the cost of goods sold is S 495V and the ending inventory is $ 411' b. Using the LIFO method the cost of goods sold is S 591V and the ending inventory is $ 315V Requirement 2. MusicWortd uses the FIFO method. Prepare MusicWortd's income statement for the month ended June 30. 20M. reporting gross profit. Operating expenses totaied $340, and the income tax rate was 40%. (Round answers to the nearest dollar.) Mu sicWorld .net Income Statement 0 Data Table Month Ended June 3|], 2014 Sales revenue 5 1232' c of d Id ' 495' - . - "5' 9" 5 5\" Item Quantity Unit Cost Saie Pnce ' V Gross prot 73? 1 Balance .. .. .. . 14 35 45 Operating exrlerses m' 2 Purchase. ,, ,, , 4 55 Income before income tax ' 397' 7 Sale, .. .. .. . S ' ' Income tax expense 159 13 Sale. .. .. .. . 5 ' 5 238 Net income