Requirement 1. Determine the amounts that Music School should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Music School uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is and the ending inventory is $ - Data Table Requirements Date Item Quantity Unit Cost Sale Price Mar 1 Balance 19 $ 42 1. Determine the amounts that Music School should report for cost of goods sold and ending inventory two ways: (Music School uses a perpetual inventory system.) a. FIFO b. LIFO 2 Purchase 4 69 7 Sale 6 $ 115 13 Sale 4 106 2. Music School uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $270, and the income tax rate was 35%