E6-20A (similar to) Questi MusicBiz specializes in sound equipment Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements Requirement 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicBiz uses a perpetual inventory systern.) a. Using the FIFO method, the cost of goods sold is and the ending inventory is $ Data Table i Requirements Date Item Quantity Unit Cost Sale Price Mar 1 Balance 15$ 34 2 Purchase 4 69 7 Sale 7 109 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicBiz uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $300, and the income tax rate was 40%. 13 Sale 7 94 Print Done Print Done