Firo meithod cont of joods sold = FFO method ending inventory = LiFO method cost of poods sold = LFO method ending inventory - Data table Requirements 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: (MusicMagic uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicMagic 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 40%