PLEASE HELP ON REQ. 2

Requirements e of speakers: 1. 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 2. MusicMagic uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $300, and the income tax rate was 40%. y under b. LIFO. the month ended March 31, 2021, reporting gross profit. Operating expenses Data table