MusicYear epecialies in scund equiprient Compary records indicate the following data for a line of speskefs: Ift (Plick the icon to view the dota.) Road the fecuinements Requirement 1. Detemine the armounts that MusicYear should report for cost of goods sold and ending hventory two ways: a. FFFO and b. LIFO: (MusicYear Uses a perpetual imertary syater Start by dotermining the amounts that MusicYear should report for cost of poods sold and ending inventory under a. FiFO FFO methed cost of goods sold = FFO method ending inventory = Requirements 1. Determine the amounts that MuseYear should report for cost of goods sold end ending invensory two woy: (MusicYear uses a perpetual inventary systam? a. FFO b. LIFO 2. MuticYear uses the FiFO method. Prepare the company's income stamement for the menth ended March 31, 2021, reporting gross profit Operating expenses totaled 5200 , and the income tax rate was 36%