ACG2021 RVC/RVD Online - Summer 2022 Elias Requirements 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: (MusicCity uses a perpetual inventory system) a. FIFO b. LIFO 2. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $250, and the income tax rate was 30% Data table 13 Sale. Printi Done Daniela Pino Date: tem Quantity Unit Cost Sale Price Mar 1 Balance 17 $ 33 2. Purchase 5 54 7 Sale 7 $ 90 7 04 Print Done