usiclife specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to viow the data.) Read the recuirements. Start by dotermining the amounts that Musictlie should repert for coet of goods sold and ending invertory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Requirements 1. Determine the amounts that Musictifo should report for cost of goods soid and ending inventory two ways: (Musicl 0 uses a perpetual inventory system.) a. FIFO b. LIFO 2. Musiclife uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profic Operating expenses totaled $340, and the income tax rate was 35%