compute all requirements.

Save MusicLife.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicLife uses a perpetual inventory system. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Requirements 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost 2. MusicLife uses the FIFO method. Prepare MusicLife's income statement for the month ended June 30, 2020, reporting gross profit. Operating expenses totalled $290, and the income tax rate was 30%. 3. MusicLife is thinking of changing inventory costing methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain Requirement 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $ Save MusicLife.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicLife uses a perpetual inventory system. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Requirements 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost 2. MusicLife uses the FIFO method. Prepare MusicLife's income statement for the month ended June 30, 2020, reporting gross profit. Operating expenses totalled $290, and the income tax rate was 30%. 3. MusicLife is thinking of changing inventory costing methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain Requirement 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $ Data table Date June Item 1 Balance 8 Sale.. 10 Purchase 30 Sale. Print Quantity Unit Cost 14 $ 90 7 18 110 11 Done Sale Price $ 130 170 O ing