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 Music Year 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 $ 338 and the ending inventory is $ 246 b. Using the LIFO method, the cost of goods sold is and the ending inventory is 130 i Data Table Date Item Quantity Unit Cost Sale Price Mar 1 Balance 14 $ 26 2 Purchase 4 55 7 Sale 6 $ 104 13 Sale 7 92 Print Done ? part remaining Clear All Check Answer - Requirements 1. Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: (Music Year uses a perpetual inventory system.) a. FIFO b. LIFO 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 $310, and the income tax rate was 35%. Print Done