MusicMagic specializes in sound equipment Company records indicate the folowing dota for are of speakers (the on to view the data) Read the cequirements 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 us a perpetual inventory system) Using the FIFO method, the cost of goods so and the ending inventory is $ Data table Date Mar 1 2 Purchase 7549 13 Se Hem Quantity Unit Cost Sale Price 12 $ 55 60 107 Print Done 8 100 Help me solve this Demodocs example Get more help- X Requirements 1. Determine the amounts that Music Magic should report for cost of goods sold and ending inventory two ways: (MusicMagic uses a perpetual inventory system) FIFO b. LIFO 2. MusicMagic uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $290, and the income tax rate was 40% Print Done Clear all Check answer