Requirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: a FIFO and b. UFO (MusicCity uses a perpetual inventory system. Using the FIFO method, the cost of goods sold is and the ending inventory is s Using the LIFO method, the cost of goods so 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% ( the nearest dollar) MusicCity Income Statement Month Ended March 31, 2018 Data table Nom Dale Quarty Unit Co Sa Mar 1.Balance " $ 2 Purch 3 60 157 7 Sale 13 Sale Print Done Requirements 1. Determine the amounts that MusicCity should report for cost of goods and ending inventory two ways (MusicCity a perpetual toy system FIFO LIFO 2. MusCity uses the FIFO metod Prepare the company's a statement for the month ended March 31, 2018 reporting gross poft Operating Print Done