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.) Start by determining the amounts that MusicSchopl should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that MusicSchool should report for cost of goods sold and ending inventory under b. LIFO. LFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicSchool uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 30%. (Round answers to the nearest dollar.) Musicschool Income statement Data table 1. Determine the amounts that MusicSchool should report for cost of goods sold and ending inventory two ways: (MusicSchool uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicSchool uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 30%