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.) a. Using the FIFO method, the cost of goods sold is $ und the ending inventory is s . b. Using the LIFO method, the cost of goods sold is and the ending inventory is SO Requirement 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 $240, and the income tax rate was 40%. (Round answers to the nearest dollar.) MusicBiz Income Statement Month Ended March 31, 2018 Data Table Date Sale Price Mar Item Q .......... 2 Purchase............. uantity 12 3 Unit Cost $ 56 7 Sale........ 103 13 Sale................. Net income Print Done Choose from any list or enter any number in the input fields and then continue to the next