MusicBiz specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers ?(click the icon to view the data.) Requirements 1. Determine the amounts that MusicBz should report for cost of goods sold and ending inventory two ways a. FIFO b. LIFO 2. MusicBiz uses the FIFO method. Prepare MusicBiz's income statement for the month ended June 30, 2016, reporting gross profit. Operating expenses totaled 5310, and the income tax rate was 40%. Requiremet1. Determine the amounts that MusicBlz should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO a. Using the FIFO method, the cost of goods sold is $ b. Using the LIFO method, the cost of goods sold is $ Requirement 2 MusicB z uses the FIFO method. Prepare MusicBz's income statement or the month ended June 30, 2016, reporting gross profit. Operating expenses totaled $310, and the income tax rate was 40%, Round answers to the neare and the ending inventory is S and the ending inventory is MusicBiz Income Statement Month Ended June 30, 2016 Data Table Date Item Quantity Unit Cost Sale Price 16 S 1 Balance 2 Purchase 7 Sale Jun 57 61 103 13 Sale 91 hoose from any list or enter any number in the input fields and then continue to the next question. Print Done