MusicWorld 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 MusicWorld should report for cost of goods sold and ending inventory two ways: $a.$ FIFO and b$.$ LIFO. $($MusicWorld uses a perpetual inventory system.$)$

Start by determining the amounts that MusicWorld 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 MusicWorld should report for cost of goods sold and ending inventory under b$.$ LIFO.

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$

Requirement $2.$ MusicWorld 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.$)$

MusicWorld

Income Statement

Month Ended March $31,2021$

s$.$

Data table

$\backslash$table$[[$Date$,$Item,Quantity,Unit Cost,Sale Price$],[$Mar $1,$Balance,$14,43,],[$Mar $2,$Purchase,$3,46,],[$Mar $7,$Sale,$7,,107],[$Mar $13,$Sale,$5,,92]]$

ents.

Requirements

Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: $($MusicWorld uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicWorld 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 $30\%.$

Ss $($Januarv ${19}^{th}2024)$ you shared with us a local program called "Campus Greensboro." Upon