MusicBiz specializes in sound equipment Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the quirements CIT Requirement 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO (MusicBiz uses a perpetual inventory system) $ a. Using the FIFO method, the cost of goods sold is and the ending inventory is St Requirements 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways: (MusicBiz uses a perpetual inventory system) a. FIFO b. LIFO 2. MusicBiz uses the FIFO method Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit Operating expenses totaled $340, and the income tax rate was 40% Data table Date Mar Item 1 Balance. 2 Purchase. 7 Sale 13 Sale Quantity 19 6 4 Unit Cost $ 39 64 Sale Price $ 97 94
