MusicCity 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 MusicCity should report for cost of goods sold and ending inventory tw ways: a. FIFO and b. LIFO. (MusicCity uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ Data Table Date Item Sale Price Mar 1 Balance 2 Purchase 7 Sale.. Quantity Unit Cost 18 $ 49 7 57 7 $ 98 13 Sale. 4 94 Print Done 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 2. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%. Get More