MusicPlace net Ltd special in sound equipment. Because each inventory items is expensive, Music Place uses a perpetual inventory system Company recents indicate the following data for a line of speakers (Click the icon to view the data) Requirements 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory in the following two ways FIFO b. Weighted average cost 2. MusicPlace uses the FIFO method Prepare Musicace's income statement for the month ended June 30, 2000, reporting gross proft. Operating expenses totaled $330, and the income tax was 35 3. MusicPlace is thinking of changing mentory costing methods from FIFO to weighted average cost. Are they allowed to make this change?typ Requirement 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory (a) Uhing the FIFO method, the ending inventory in S and the cost of goods sold i b) Using the weighted average cost method, the ending inventory and the cost of goods sold in (Round interim calculations to two decimal places. Round final answers to the nearest dollar) Requirement 2. MusicPlace uses the FIFO method. Prepare MusicPlace's income statement for the month ended June 30, 2020, reporting gross prote Operating expenses totaled $300 and the cometaxe Begin with the heading, and then select the accounts and enter the amounts in the statement (Round answers to the nearest dollar. Use parentheses or a minus sign for negative income) Time Remaining: 005406 Next