Music World specializes in sound equipment. Because each inventory item is expensive,Music World uses a perpetual inventory system. Company records indicate the following data for a line of speakers

MusicWerld specializes in sourd equipment Because each inventory item is expensive, MusicWorld uses a perpetual inverntary syslem. Company records indicate the fallowin data for a line of speakers EE [Click the ican to view the data ) 1 Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO 2. Music or d uses the FIFC method. Prepare Music or d's ncome statement for the month ended June 30, 2016, reporting gross profit. Operating expenses otaled $240 and the ncome tax rate was 30% Requirement 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: FIFO and b. LIFO a. Using the FIFO method the cost of goods sold is S and the endinginventory is $ b. Using the LIFO mgthod, the cast of goods sold is S Requirement 2 Music or d uses ne FIFO method. Prepare Music orld's income statement the month ended June 30, 2016, reporting gross profit Operating expenses totaled S240, and the income tax rate was 30% and the ending inventory is Round answers to the nearest dolar. MusicWorld Income Statement Month Ended June 30, 2016 Data Table Date tem Quantity Unit Cost Sale Price 1 Balance 2 Purchase 7 Sale 28 37 Jun 114 13 Sale 102 Net income Print Done Choose from any list or enter any number in the input fields and then continue to the next