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MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that Music Magic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ b. Using the LIFO method, the cost of goods sold is $ and the ending inventory is $ Requirement 2. MusicMagic uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $240, and the income tax rate was 30%. (Round answers to the nearest dollar.) MusicMagic Income Statement Month Ended March 31, 2018 MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: E (Click the icon to view the data.) Read the requirements. MusicMagic Income Statement Month Ended March 31, 2018 Net income MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: B (Click the icon to view the data.) Read the requirements. - X i Data Table MusicMagic Income Statement Month Ended March 31, 2018 Date Item Quantity Unit Cost Sale Price Mar 1 Balance 16 $ 38 2 Purchase 7 45 7 Sale. 6 $ 111 13 Sale 6 96 Print Done Net income Choose from any list or enter any number in the input fields and then continue to the next