MusicYear 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 MusicYear should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicYear uses a perpetual inventory system.$)$

Start by determining the amounts that MusicYear should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

Data table

$\backslash$table$[[$Date$,,$Item,Quantity,Unit Cost,Sale Price$],[$Mar $1,$Balance,$18,$$$,57,],[$Mar $2,$Purchase,$4,64,,],[$Mar $7,$Sale,$7,$$$,100,],[$Mar $13,$Sale,$4,,,100]]$