MusicCity specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: (MusicCity uses a perpetual inventory system.) Read the requirements a. FIFO Requirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: 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 $290, and the income tax rate was 40% 455 and the ending inventory is 344 $ a. Using the FIFO method, the cost of goods sold is 344 455 and the ending inventory is $ $ b. Using the LIFO method, the cost of goods sold is Print Done Date Item Quantity Unit Cost Sale Price Mar 1 Balance 19 35 2 Purchase 2 67 Enter any number in the edit fields and then click Check Answer. 7 Sale 6 111 $ 13 Sale 1 part remaining 7 105 Clear All