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

Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31,2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Data table Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a perpetual inventory system.) Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory =