Uses of Accounting Information

Please both 1 and 2. They're from the same problem, thanks!

MusicPlace 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. i Requirements 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: (MusicPlace uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicPlace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $290, and the income tax rate was 40%. Date Item Quantity Unit Cost Sale Price Mar 1 Balance .. 15 $ 26 2 Purchase 4 42 7 Sale. 7 98 13 Sale.. 6 93