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 requirements. Requirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicCity uses 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 = Determine the amounts that MusicCity should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory Requirement 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 $270, and the income tax rate was 40%. (Round answers to the nearest dollar) MusicCity Income Statement Month Ended March 31, 2021 Data table Date Item Quantity Mar 1 Balance 16 $ Unit Cost 59 Sale Price Mar 2 Purchase 2 67 Mar 7 Sale 6 $ 109 Mar 13 Sale 6 105 X