Requirement 1. Determine the amounts that Music Magic 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 - Determinie the amounts that Music Magic should report for cost of goods sold and ending inventory under b.LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. Music Magic uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $290, and the income tax rate was 40%. (Check your spelling carefully and do not abbreviate. Round answers to the nearest dollar.) Music Magic X Income Statement Data Table Month Ended March 31, 2021 1 Date Item Quantity Sale Price Unit Cost $ 51 Mar 1 19 Mar 2 7 56 Balance Purchase Sale Sale Mar 7 6 $ 119 Income before income tax Mar 13 101 Net incomo