PLEASE SOLVE ALL POINTS !!!

1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: (MusicPalace uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%