MusicCity specializes in sound equipment. Company records Indicate the following data for a line of speakers Click the icon to view the data.) Read the regulaments Requirement 1. Determine the amounts that Musicity should report for cost of goods sold and ending inventory two ways:a. FIFO and b. LIFO (MusicCity unos a perpetual inventory system) Start by determining the amounts that MusicCity should report for cost of goods sold and ending inventory under a FIFO. FIFO method cost of goods sold FIFO method ending inventory Ir (O 10 Requirements - Data table Date Item Sale Price 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: (MusicCity uses a perpetual inventory system) a FIFO b. LIFO Unit Cost 5 27 Mar 1 Balance Purchase Quantity 17 2 7 Mar 2 46 $ Mar 7 Sale 91 Ine 2. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $290, and the income tax rate was 35% Mar 13 Sale 5 94