Requirements 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO 2. MusicLife uses the FIFO method. Prepare MusicLife's income statement for the month ended June 30, 2016, reporting gross profit. Operating expenses totale $320, and the income tax rate was 30%. Requirement 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $