Homework: Chapter b Graded Homework Score: 0 of 3 pts 4 of 10 (7 complete) HW Score: 64%, Question E6-20A (similar to) MusicCity 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 MusicCity should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicCity uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is and the ending inventory is S i Requirements Data Tabla Date Item Quantity Unit Cost Sale Price Mar 1 Balance 14 S 32 1. Determine 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, 2018, reporting gross profit. Operating expenses totaled $240, and the income tax rate was 30%. 2 Purchase 7 62 7 Sale 7 S S 99 13 Sale 4. Print Done Print Done