Woody's 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 Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b.LIFO. (Woody's uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ 460 and the ending inventory is $ 522 b. Using the LIFO method, the cost of goods sold is $ 614 and the ending inventory is $ 368 Requirement 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. (Round answers to the nearest dollar.) Woody's Data Table Requirements Income Statement Month Ended March 31, 2018 Date Item Quantity Unit Cost Sale Price Mar 1 Balance 11 $ 46 2 Purchase 7 68 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. 7 Sale 6 S 91 13 Sale 4 91 Print Done Print Done Choose from any list or enter any number in the input fields