Requirement $1.$ Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicBiz uses a perpetual inventory system.$)$

Start by determining the amounts that MusicBiz should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

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