MusicPlace 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 MusicPlace should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicPlace uses a perpetual inventory system.$)$ Start by determining the amounts that MusicPlace should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

$\backslash$table$[[$$$,624],[$$$,388]]$

FIFO method ending inventory $=$

Determinie the amounts that MusicPlace should report for cost of goods sold and ending inventory under b$.$ LIFO.

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$

ounts that MusicPlace should report for cost of goods sold and ending inventory two ways hat MusicPlace should report for cost of goods sold and ending inventory under a$.$ FIFO.

$1=,$$$,624$

Data table

$\backslash$table$[[$Date$,,$Item,Quantity,Unit Cost,Sale Price$],[$Mar $1,$Balance,$17,$$$,48,],[$Mar $2,$Purchase,$4,,49,],[$Mar $7,$Sale,$7,,$$$,112],[$Mar $13,$Sale,$6,,,109]]$

in sound equipment. Company records indicate the following data for a line of speakers:

iew the data.$)$

mine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and ne amounts that MusicPlace should report for cost of goods sold and ending inventory under a$.$ FIFO.

goods sold $=$$$,$$$624$

Requirements

Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: $($MusicPlace uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicPlace uses the FIFO method. Prepare the company's income statement for the month ended March $31,2021,$ reporting gross profit. Operating expenses totaled $$300,$ and the income tax rate was $40\%.$