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) a. Using the FIFO method, the cost of goods sold is and the ending inventory is $ $ $ b. Using the LIFO method, the cost of goods sold is and the ending inventory is s Requirement 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 $240, and the income tax rate was 30% (Round answers to the nearest dollar) Music City Income Statement Month Ended March 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question. Data Table X Date Item Quantity Unit Cost Sale Price Mar 1 Balance 13 $ 26 2 Purchase.... 4 46 7 Sale.. 6 $ 109 13 Sale.. 4 4 100 Print Done i Requirements 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 $240, and the income tax rate was 30%. Print Done