Data Table soll Date Item Quantity Unit Cost Sale Price Mar 1 Balance 15 $ 33 Mar 2 Purchase 4 42 any's Hollar Mar 7 Sale 7 $ 113 Mar 13 Sale 7 106 Print Done Requirements 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: (MusicPalace uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $260, and the income tax rate was 30%. Print Done Music Pace specializes in sound equiperent. Company records de flowing data for free irector Click then to view the data) Read the recurement Requirement 1. Determine raamcanta that Music Placehold sepon to cost od goods sold and song roytec wayka. Proindburoopalaces a perpetua entry) Start by determining the amounts that Ms.Palace should report for cost of goods sold and ending inventory unde a fofo FIFO method cost of goods sold Fromethod ending inventory Determine the amounts mat les cPalace srods report for one of goods sold and ending inventory under .LFO LIFO method cont of goods sold LIFO mathed ending inventory Requirement 2. MusicPeace uses the Fifo monod. Prepare the companys come statement for remontas ended Man 31.2021. reporting Spot Operating costs $250 and elecome tax rate was 30 spelling carefully and do not create Round answers to the nearest Music Palace Income Statement Month Ended March 31, 2021 Income before some tax Net income