MusicWorld.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicWorld uses a perpetual inventory system. Company records indicate the following data for a line of speakers EE (Click the icon to view the data.) Required 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted average cost 2. MusicWorld uses the FIFO method. Prepare MusicWorld's income statement for the month ended April 30, 2014, reporting gross profit. Operating expenses totalled$280, and the income tax rate was 40% Requirement 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory (a) Using the FIFO method the ending inventory is SL and the cost of goods sold is $L- (b) Using the weighted-average cost method the ending inventory is and the cost of goods sold is S Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 2 MusicWorld uses the FIFO method. Prepare MusicWorld's income statement for the month ended April 30, 2014, reporting gross profit. Operating expenses totalled S280, and the income tax rate was 40%. Begin with the heading, then select the accounts and enter the amounts in the statement. Round answers to the nearest dollar