Start by determining the amounts that MusicBiz should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

Determinie the amounts that MusicBiz should report for cost of goods sold and ending inventory under b$.$ LIFO.

LIFO method cost of goods sold $=$

LIFO method ending inventory $=$

Requirements

Determine the amounts that MusicBiz should report for cost of goods sold and

ending inventory two ways: $($MusicBiz uses a perpetual inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicBiz uses the FIFO method. Prepare the company's income statement for

the month ended March $31,2021,$ reporting gross profit. Operating expenses

totaled $$270,$ and the income tax rate was $30\%.$

Data table