Requirements 1. Determine the amounts that Paulson's should report for cost of goods sold and ending inventory two ways: (Paulson's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Paulson's uses the FIFO method. Prepare the company's income statement for the month ended June 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%. Requirements 1. Determine the amounts that Paulson's should report for cost of goods sold and ending inventory two ways: (Paulson's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Paulson's uses the FIFO method. Prepare the company's income statement for the month ended June 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%