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

Requirement 1. Determine the amounts that MusicSchool should report for cost of goods sold and ending inventory two?ways: a. FIFO and b. LIFO. ?

MusicSchool 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 MusicSchool should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicSchool uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ 638 and the ending inventory is $ 274 i - X i Requirements - X Data Table Date Item Quantity Unit Cost Sale Price 1. Determine the amounts that MusicSchool should report for cost of goods sold and ending inventory two ways: (MusicSchool uses a perpetual inventory Mar 1 Balance 14 S 58 system.) 2 Purchase 2 59 a. FIFO b. LIFO 7 Sale. 6 113 2. MusicSchool uses the FIFO method. Prepare the company's income 13 Sale. 93 statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $260, and the income tax rate was 35% Prin Done Print Done Enter any number in the edit fields and then click Check Answer. ? 2 parts remaining Clear All Final Check 4