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. 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.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ 0 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, 2018, reporting gross profit. Operating expenses totaled $240, and the income tax rate was 40%. Data Table Date Mar Item 1 Balance 2 Purchase. 7 Sale.. Quantity Unit Cost Sale Price 17 $ 28 5 58 6 $ 99 $ 13 Sale. 4 94