MusicPlace.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicPlace uses a perpetual inventory system. Company records 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: a. FIFO b. Weighted-average cost 2. MusicPlace uses the FIFO method. Prepare MusicPlace's income statement for the month ended June 30, 2020, reporting gross profit. Operating expenses totalled $280, and the income tax rate was 40%. 3. MusicPlace is thinking of changing inventory costing methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain Requirement 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory (a) Using the FIFO method, the ending inventory is $and the cost of goods sold is $ (b) Using the weighted-average cost method, the ending inventory is $and the cost of goods sold is $(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 profit. Operating expenses totalled $280, and the income tax rate was 40% Begin with the heading, and then select the counts and enter the amounts in the statement. (Round answers to the nearest dollar. Use parentheses or a minus sign for negative income.)