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Requirement 1. Determine the amounts that MusicBiz should report for cont of goods old and ending inventory two ways . FIFO and B. LIFO (MusicBu esa perpetual inventory system Start by determining the amounts that MusicBit 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 MusicBiz should report for cost of goods sold and ending inwestory under b.LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicBluses the FIFO method Prepare the company's income statement for the month ended March 31, 2021. reporting gross pot Operating expensested $200 and income taxate was 300 your spoling carefully and do not abbreviate. Round answers to the nearesto Music Income Statement Month Ended March 31, 2021 Income before income tax Net income Data table Date Item Quantity Unit Cost Sale Price exp Mar 1 Balance 17 $ 45 Mar 2 Purchase N 2 46 Mar 7 Sale 7 $ 97 Mar 13 Sale 5 97 Print Done o - Requirements 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicBiz uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $250, and the income tax rate was 35%. Print Done