Music Place specializes in sound equipment. Because each inventory item is expensive. MusicPlace uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Requirements Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO MusicPlace uses the FIFO method. Prepare MusicPlace's income statement for the month ended June 30. 2016, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 40%