MusicYear specializes in sound equipment. Company records indicate the following data for a line of speakers:

Requirement 1. Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO.(MusicYear

uses a perpetual inventory system.)

Requirement 2. MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $270, and the income tax rate was 40%. (Round answers to the nearest dollar.)

MusicYear specializes in sound equipment Company records indicate the following data for a line of speakers: E: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicYear uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ b. Using the LIFO method, the cost of goods sold is $ and the ending inventory is $ Requirement 2. MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $270, and the income tax rate was 40%. (Round answers to the nearest dollar.) Music Year Income Statement Month Ended March 31, 2018 Data Table - x Date Item Quantity Unit Cost Sale Price Mar 1 Balance 15 $ 41 2 Purchase 3 44 Net income 7 Sale 7 $ 119 97 13 Sale 4 Print Done Choose from any list or enter any number in the input fields and then continue to the next