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

Start by determining the amounts that MusicLife should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

$\backslash$table$[[$$$,403],[$$$,194]]$

Determinie the amounts that MusicLife should report for cost of goods sold and ending inventory under b$.$ LIFO.

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$

$$

$124$

Data table

$\backslash$table$[[$Date$,$Item,Quantity,Unit,Cost,Sale Price$],[$Mar $1,$Balance,$15,$$$,31,],[$Mar $2,$Purchase,$2,66,,],[$Mar $7,$Sale,$7,,$$$,112],[$Mar $13,$Sale,$6,,97,]]$