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 $300, and the income tax rate was 35%. (Round answers to the nearest dollar.) MusicWorld Income Statement Month Ended March 31, 2021 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. .. 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 $300, and the income tax rate was 35%. (Round answers to the nearest dollar.) MusicWorld Income Statement Month Ended March 31, 2021 Net income Data table Quantity Unit Cost Sale Price $ 45 16 Date Item Mar 1 Balance Mar 2 Purchase Mar 7 Sale Mar 13 Sale 5 47 6 $ 91 7 91