Requirements

1.	Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO??????????????????????
2.	MusicWorlduses the FIFO method. Prepare MusicWorld's income statement for the month ended June 30, 2012 reporting gross profit. Operating expenses totaled $ 330, and the income tax rate was 35%.

Date Item Qty Unit cost Sale Price Jun 1 Balance . . . . . . . . . . . . . . . . . 14 $38 Jun 2 Purchase . . . . . . . . . . . . . . . . 5 74 Jun 7 Sale . . . . . . . . . . . . . . . . . . . . 7 $ 102 Jun 13 Sale . . . . . . . . . . . . . . . . . . . . 5 100 Requirements 1 Determine the amounts that . MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO 2 MusicWorlduses the FIFO method. Prepare . MusicWorld's income statement for the month ended June 30, 2012 reporting gross profit. Operating expenses totaled $ 330, and the income tax rate was 35%