Paulson's 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 Paulson's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFC Start by determining the amounts that Paulson's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory Determine the amounts that Paulson's should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending Inventory = Requirement 2. Paulson's uses the FIFO method. Prepare the company's income statement for the month ended June 31, 2021, reporting gross p Paulson's Income Statement Month Ended June 31, 2021 Net Income Remunhos dolores eos and anting ya PFO UFO perpetuvory system) the same montant grote holdning very under FIFO. Food Det go out and dirty wo UPO mere moderner Corting $340, and income tax rate was round the Data table - Date Item Jun 1 Balance Jun 2 Purchase Jun 7 Sale Jun 13 Sale Unit Sale Quantity Cost Price 18 $ 49 3 64 7 $ 115 6 103 Print Done