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MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: ( Click the icon to view the data. )

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
\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]]
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