Music Year 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 MusicYear should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Music Year uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is b. Using the LIFO method, the cost of goods sold is $ and the ending inventory is Requirement 2. MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $310, and the income tax rate was 30%. (Round answers to the nearest dollar.) Music Year Data Table Income Statement Month Ended March 31, 2018 Date Item Quantity Unit Cost Sale Price Mar 1 Balance 18 $ 26 2 Purchase 3 38 7 Sale 6 $ 105 13 Sale 7 93 Choose from any list or enter any number in the input fields Print Done