3. MusicBiz.net specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Required A. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory using the FIFO method. B. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory using the LIFO method. C. Assuming MusicBiz uses the LIFO method. Prepare MusicBiz's income statement for the month ended June 30, 20X5. Operating expenses totaled $320, and the income tax rate was 40%