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. Start by determining the amounts that MusicSchool should report for cost of goods sold and ending inventory under a. FIFO. FIFOmethodcostofgoodssold=FIFOmethodendinginventory=$$672304 Determinie the amounts that MusicSchool should report for cost of goods sold and ending inventory under b. LIFO. LIFOmethodcostofgoodssold=LIFOmethodendinginventory=$696$280 Requirement 2. MusicSchool uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 40%. (Round answers to the nearest dollar.) MusicSchool specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Start by determining the amounts that MusicSchool should report for cost of goods sold and ending inventory under a. FIFO. FIFOmethodcostofgoodssold=FIFOmethodendinginventory=$$672304 Determinie the amounts that MusicSchool should report for cost of goods sold and ending inventory under b. LIFO. LIFOmethodcostofgoodssold=LIFOmethodendinginventory=$696$280 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 40%. (Round answers to the nearest dollar.)