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 $=$

Requirements

Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: $($MusicMagic uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicMagic uses the FIFO method. Prepare the company's income statement for the month ended March $31,2021,$ reporting gross profit. Operating expenses totaled $$320,$ and the income tax rate was $40\%.$

Data table

$\backslash$table$[[$Date$,$Item,Quantity,Unit Cost,Sale Price,$],[$Mar $1,$Balance,$14,$$$,36,],[$Mar $2,$Purchase,$2,64,,],[$Mar $7,$Sale,$7,,$$$,96],[$Mar $13,$Sale,$5,,,92]]$