PLease do all the requirements: MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers:

Read the requirements.

Requirement $1.$ Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicMagic uses a perpetual inventory system.$)$

Start by determining the amounts that MusicMagic 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

Requirements

Determine the amounts that MusicMagic should report for cost of goods sold

and ending inventory two ways: $($MusicMagic uses a perpetual

inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicMagic uses the FIFO method. Prepare the company's income statement

for the month ended March $31,2021,$ reporting gross profit. Operating

expenses totaled $$260,$ and the income tax rate was $30\%.$