MusicLife 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 MusicLife should report for cost of goods sold and ending inventory two ways: a. FIFO and b.LIFO. (MusicLife uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ 504 and the ending inventory is $ 555 b. Using the LIFO method, the cost of goods sold is and the ending inventory is $ Data Table Requirements Date Item Quantity Unit Cost Sale Price Mar 1 Balance 17 42 5 69 2 Purchase 7 Sale 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways: (MusicLife uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicLife 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%. 7 $ 108 105 13 Sale 5 Print Done Print Done