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.

Start by determining the amounts that M$$sicWorld 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 answerstio the nearest dollar.$)$

MusicWorld

Income Statement

Month Ended March $31,2021$

quirements.

$\backslash$table$[[$Data table$],[$Date$,$Item,Quantity,,Unit Cost,,ale Price$],[$Mar $1,$Balance,$14,$$$,,,],[$Mar $2,$Purchase,$3,,4,,],[$Mar $7,$Sale,$7,,,,107],[$Mar $13,$Sale,$5,,,,92]]$

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.

Determinie

Requireme expenses tc

Determine the amounts that MusicWorld should report for cost of goods sold and ending invemory 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 $30\%.$

Net income