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Requirement 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 $250, and the income tax rate was 40%. (Round answers to the nearest dollac) MusicIagic Income Statement Month Ended March 31, 2021 Cost of goods sold Ending inventory Gross profit Income before income tax Income tax expense Operating expenses Sales revenue Requirement 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 $250, and the income tax rate was 40%. (Round answers to the nearest dollac) MusicIagic Income Statement Month Ended March 31, 2021 Cost of goods sold Ending inventory Gross profit Income before income tax Income tax expense Operating expenses Sales revenue