MusicBiz specializes in sound equipment. Company records indicate the following data for a line of speakers: B. (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.) a. Using the FIFO method, the cost of goods sold is and the ending inventory is Data Table Requirements - - X Date Sale Price Quantity 17 Unit Cost $ 53 Mar 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system.) a. FIFO b. LIFO Item 1 Balance ................ 2 Purchase......... 7 Sale 13 Sale $ 104 97 2. MusicBiz uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 30%. 13 Sale .. . . . . . . . . . . . . .. Print Done Print Print Done Done Ente