E6-20A (similar to) Question Help Musicile 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 Requirement 1. Determine the amounts that Music fe should report for cost of goods sold and ending inventory two ways a: FIFO and b.LIFO/Music perpetual inventory a. Uning the FIFO method the cost of goods sold is and the ending huntry for any number in the ed elds and then cick CheckAnswer 2 CA HW 22 of 24 (23 complete) ound equipment Company records indicate the following data for a line of speakers the data) Data Table ne the amount m.) Date Item Quantity Unit Cost Sale Price od, the cost of Mar 1 Balance 19 S 41 2 Purchase edit fields an 59 $ 7 Sale 7 104 13 Sale 98 Pint Done E6-20A (similar to) Requirements Musiclife specializes in sound equipe (Click the icon to view the data) Read the requirements Requirement 1. Determine the amou perpetual Inventory system) a. Using the FIFO method the cost 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways (MusicLife uses a perpetual inventory system) 4. FIFO b. LIFO 2. MusicLife uses the FIFO method Prepare the company's incorrostatement for the month ended March 31 2018. reporting gross profit Operating expenses totaled $320, and the income tax rate was 30% b. LIFO Enter any number in the edit felds 2 parte remaining Print Done