MusicSchool specializes in sound equipment. Corripany records indicate the following data for a line of speakers: HER 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 syster.) Start by determining the amounts that Music School should report for cost of goods sold and ending Inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory - X Requirements X Data table 1. Determine the amounts that MusicSchool should report for cost of goods sold and ending inventory two ways: (Music School uses a perpetual inventory system. a. FIFO Date Item Sale Price Quantity 19 Unit Cost S S 49 b. LIFO 2. Music School uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 30%. 5 Mar 1 Balance Mar 2 Purchase Mar 7 Sale Mar 13 Sale 62 7 S 116 6 95 Print Done Print Done 1 Help me solve this Etext pages Calculator Clear all Check