Please help me calculate the missing information in the chart $-$ sales revnue, gross profit, income before tax, income tax expense and net income. $.$ This is all the infromation I have!

MusicYear specializes in sound equipment. Company records indicate the following data for a line of speakers:

$($Click the icon to view the data.$)$

Read the requirements.

Requirement $1.$ Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicYear uses a perpetual inventory system.$)$

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

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

$\begin{array}{cc}\text{\$}& 407\\ \text{\$}& 321\end{array}$

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

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$

$$,432$

$$,296$

Requirement $2.$ MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March $31,2021,$ reporting gross profit. Operating expenses totaled $$320,$ and the income tax rate was $30\%.($Round answers to the nearest dollar.$)$

MusicYear

Income Statement

Month Ended March $31,2021$

$\begin{array}{cc}\text{S}\text{a}\text{l}\text{e}\text{s}\text{r}\text{e}\text{v}\text{e}\text{n}\text{u}\text{e}& ?\\ \text{C}\text{o}\text{s}\text{t}of\text{g}\text{o}\text{o}\text{d}\text{s}\text{s}\text{o}\text{l}\text{d}& ?\\ \text{G}\text{r}\text{o}\text{s}\text{s}\text{p}\text{r}\text{o}\text{f}\text{i}\text{t}& ?\\ \text{O}\text{p}\text{e}\text{r}\text{a}\text{t}\text{i}\text{n}\text{g}\text{e}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}\text{s}& ?\\ \text{I}\text{n}\text{c}\text{o}\text{m}\text{e}\text{b}\text{e}\text{f}\text{o}\text{r}\text{e}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}\text{t}\text{a}\text{x}& ?\\ \text{I}\text{n}\text{c}\text{o}\text{m}\text{e}\text{t}\text{a}\text{x}\text{e}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}& ?\\ \text{N}\text{e}\text{t}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}& ?\end{array}$

Data table

$\backslash$table$[[$Date$,$Item,Quantity,Unit Cost,,Sale Price$],[$Mar $1,$Balance,$14,$$$,,],[$Mar $2,$Purchase,$5,4,,],[$Mar $7,$Sale,$7,,$$$,108],[$Mar $13,$Sale,$4,,,102]]$

Requirements

Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: $($MusicYear uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March $31,2021,$ reporting gross profit. Operating expenses totaled $$320,$ and the income tax rate was $30\%.$