MusicPlace specializes in tound equipment. Company records indicate the following data for a line of spoakers: (Click the icon to view the data,) Read the reavirements Requirement 1. Detormine the amounts that MusicPlace thould report for cost of goods sold and ending inveniory wo ways: a. FFFO and b. LIFO. Musichlace uses a perpetiel inveniony wiker Start by determining the amounts that Musicpiace should report for cost of goods sold and anding inventory under a. Fifo: FIFO method cost of goods sold = FFF method ending inventory = Detemnie the amounts that Musicplace should teport lor cost of goods sold and ending iwentery under b. LIFO LIF O methed cost of goods sold w LF 0 methed ending inventory = Data table Requirements 1. 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 2. MusicPlace uses the FIFO method. Prepare the company's income statement for the month ended March 31,2021 , reporting gross profit. Operating expenses totaled $250, and the income tax rate was 35%