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MusicYear specializes in sound equipment Company records indicate the following data for a line of speakers Click the con to view the data.) Read the rements 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 Promethod, the cost of goods sold is and the ending inventory is so b. Using the LIFO method, the cost of goods sold is and the ending inventory is se Requirement 2. MusicYear uses the FIFO method. Prepare the company's income statement for the month ended March 31 2018, reporting gross profil Operating expenses totaled $320, and the income tax rate was 35% (Round answers to the nearest dollar Music Year Data Table Income Statement Month Ended March 31, 2018 Dato lem Quantity Unit Cost Sale Price Mar 1 Balance 35 2 Purchase 37 7 Sale $ 112 13 Sale 92 NE Print Done Choose from any list or enter any number in the input fields and then continue to the next