MusicPalace 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 TIL Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: a. FIFO and b.LIFO. (MusicPalace uses a perpetual inventory system.) 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 inventory - Determine 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 inventory Requirement 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021. reporting gross profit. Operating expenses totaled 5310, and the income tax rate was 40% (Check your spelling carefully and do not abbreviate Round answers to the nearest dollar) MusicPalace Income Statement Month Ended March 31, 2021 Income before income tax MusicPalace 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. b. LIHO. (MusicPalace uses a perpetual inventory system.) Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory unde FIFO method cost of goods sold = FIFO method ending inventory - 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 inventory = Requirement 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ende reporting gross profit. Operating expenses totaled $310, and the income tax rate was 40%. (Check your spelling ca abbreviate. Round answers to the nearest dollar) MusicPalace Income Statement Month Ended March 31, 2021 w Income before income tax Net income EX Data Table Date Item Quantity Unit Cost Sale Price ME Mar 1 Balance 16 $ 46 Mar 2 Purchase 7 46 Mar 7 Sale 00 6 117 Mar 13 Sale 8 112 Print Done X Requirements 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: (MusicPalace 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 March 31, 2021. reporting gross profit. Operating expenses totaled $310, and the income tax rate was 40%. Print Done