MusicMagic 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 MusicMagic should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO, $($MusicMagic uses a perpetual inventory system.$)$

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

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

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

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$ the nearest dollar.$)$

MusicMagic

Income Statement

Month Ended March $31,2021$

Data table

$\backslash$table$[[$Date$,,$Item,Quantity,Unit Cost,Sale Price$],[$Mar $1,$Balance,$18,$$$,37,],[$Mar $2,$Purchase,$6,,56,],[$Mar $7,$Sale,$7,,$$$,97],[$Mar $13,$Sale,$6,,,96]]$