MusicBiz 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 MusicBiz should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicBiz uses a perpetual inventory system.) Start by determining the amounts that MusicBiz should report for cost of goods sold and ending inventory under a FIFO. FIFO method cost of goods sold FIFO method ending inventory Data table Date Item Quantity Unit Cost Sale Price 18 $ 47 Mar 1 Balance Mar 2 Purchase Mar 7 Sale Mar 13 Sale Print Done 00 $ 116 100 Requirentents 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system) FIFO b. LIFO 2. MusicBiz uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $240, and the income tax rate was 35% Print Done - X