1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicBiz uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 30%. 1, reporti usicBiz specializes in sound equipment. Company records indicate the folowing data for a line of speakers: 7 (Cick the kicon 10 view the data) cead the teguinments Start by delermining the amounts that MuticBla should report for cost goods sold and ending inventary under a. FIFO. FFO method cost of goods sold = FFO method ending inventory = Deleminie the amounts that Musicliz should report for cont of goods sold and ending inventory under b. LIFO UFO method cost of goods sold = L.F o method ending inventery * income tax rime was 30%. (Round answers to bre nearest dolar)