stion list Destion 1 K Musicwack spECIMIZES IN BOUNs equipment company reccroS IKILIAN INI SUBVAN VASA NA A MAN SA NAMAN (Click the icon to view the data) Read the muuirements estion 2 stion 3 Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO (MusicPalace uses a perpetual Inventory system) Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a FIFO FIFO method cost of goods sold FIFO method ending inventory Requirements 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: (MusicPalace uses a perpetual inventory system) FIFO b. LIFO 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profe Operating expenses totaled $280, and the income tax rate was 40% Data table Mar 7 Mar 13 Sale Print Done Date Rem Mar 1 Balance) Quantity 16 Unit Cost Sale Price 29 Mar 2 Purchase 5 52 Sale $ 106 102 Print Done