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. a. Using the FIFO method, the cost of goods sold is $ 340 and the ending inventory is $ 520 b. Using the LIFO method, the cost of goods sold is $ 520 and the ending inventory is $ 340 Requirement 2. MusicWorld uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $260, and the income tax rate was 30%. (Round answers to the nearest dollar.) MusicWorld Income Statement Month Ended March 31, 2018 Net income Choose from any list or enter any number in the input fields and then click Check Answer. i Data Table Date Sale Price uantity 14 Mar Item Q 1 Balance .............. 2 Purchase............. 6 7 Sale........ 13 Sale......... Unit Cost $ 34 6 4 $ 116 Print [ Done Print Done