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 $ and the ending inventory is $ b. Using the LIFO method, the cost of goods sold is $ and the ending inventory is $ Requirement 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 $250, and the income tax rate was 35%. (Round answers to the nearest dollar.) MusicLife Income Statement Month Ended March 31, 2018 Net income