MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to wiew the data.) Read the requirements. Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending imentory = Determinie the amounts that MusicPalace should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending imentory = Requirement 2. MusicPalace uses the FIFO method. Prepare the nearest dollar.) HusicPalace Income Statement Month Ended March 31, 2021 \begin{tabular}{l} Month Ended March 31, 2021 \\ \hline \hline \\ \hline \\ Net income \end{tabular} Data table \begin{tabular}{llcccr} \hline Date & \multicolumn{1}{c}{ Item } & Quantity & Unit Cost & Sale Price \\ \hline Mar 1 & Balance & 14 & $ & 26 & \\ Mar 2 & Purchase & 4 & & 68 & \\ Mar 7 & Sale & 6 & & $ & 103 \\ Har 13 & Sale & 7 & & & 97 \\ \hline \end{tabular} Print Done Requirements 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: (Wusic Palace uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended Warch 31, 2021, reporting gross profit. Operating expenses totaled $260, and the income tax rate was 30%