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MusicYear spodalies in sound equipment Company records indicate the following data for a line of speakon (Click the icon to view the data.) Road the requirements Requirement 1. Determine the amounts that Music Year 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 MusicY ear should report for cost of goods sold and ending inventory under a. FIFO FIFO method cost of goods sold = FIFO method ending inventory = .X Data table - X Requirements Data Ram Quantity Unit Cost Sale Price 1. Determine the amounts that MusicYear should report for cost of goods sold Mar 1 Balance and ending inventory two ways: (MusicYear uses a perpetual inventory Mar 2 Purchase Mar 7 Sale L. FIFO b. LIFO Mar 13 Bala 2. MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit Operating expanses totaled $390, and the income tax rate was 35% Print Done Print Done