MusicBiz.net Ltd. specializes in sound equipment. Because each inventory item expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Date Requirements Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory in the following two ways: FIFO Weighted-average cost MusicBiz uses the FIFO method. Prepare MusicBiz's income statement for the month ended June 30, 2014, reporting gross profit. Operating expenses totaled $319, and the income tax rate was 25%