Requirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: a FIFO and b. LIFO (MusicCity uses a perpetual inventory system) a. Using the FIFO method, the cost of goods sold is $700 and the ending inventory is $ b. Using the LIFO method, the cost of goods sold is $ and the ending inventory is s Requirement 2. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $250, and the income tax rate was 30% (Round aneww the nearest c at dollar) Music City Income Statement Month Ended March 31, 2018 Data table Sales revenue Cost of goods sold Gross proft Operating expenses Income before income tax Income tax expense Net income Date tem Quantity Unit Cost Sale Price Mar 1 Balance 18 $ 59 2 Purchase 3 68 7 Sale 7 $ 117 13 Sale 5 113 Print Done Time Remaining: 02:24:17 Nex