City specializes in sound equipment. Company records indicate the folowing data for a line of spe Previous question (Click the icon to view the data) d the requirements equirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: a FIFO and b. LIFO (MusicCity uses a perpetual inventory) Using the FIFO method, the cost of goods sold is $700 and the ending inventory is s Using the LIFO method, the cost of goods sold is and the enting inventory is Requirement 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% dawers the nearest dila) MusicCity Income Statement Month Ended March 31, 2018 Sales revenu Cost of goods sold Gross proft Operating expenses Income before income tax Income tax spee Net income Data table Requirements Date Quantly Usa Cost Sale Price 1. Determine the amounts that Music City should port for cost of goods wild and anding inventory two ways MusicCity uses a party y Mar 1 Balance 50 2 Purchase 18 117 113 7 13 Sa & FIFO B. LIFO 2. MusicCity uses the FIFO metod Prepare the company's income stat for the month ended March 31, 2018, reporting gross prift Operating spensed $250 and the income was 30% Print Done Print Done Next