Determine the amounts that MC should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO.

Data table Requirements 1. Detemine 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, 2021, reporting gross profit. Operating expenses totaled $310, and the income tax rate was 40%. Start by determining the amounts that MusicCity should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that MusicCity should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = (Round answers to the nearest dollar.)