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MusicMagic 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 MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO Start by determining the amounts that Music Magic should report for cost of goods sold and ending inventory under a FIFO. FIFO method cost of goods sold = FIFO method ending Inventory = Determinie the amounts that MusicMagic should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. Music Magic uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, spelling carefully and do not abbreviate. Round answers to the nearest dollar) MusicMagic Income Statement Month Ended March 31, 2021 Income before income tax Net income and b.LIFO. (MusicMagic uses a perpetual inventory system.) reporting gross profit. Operating expenses totaled $250, and the income tax rate was 35%. (Check your Data Table Unit Cost Sale Price Date Item Quantity 16 $ 58 Mar 1 Balance 4 59 Mar 2 Purchase 98 6 $ Mar 7 Sale 94 Mar 13 Sale Print Done