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MusicWorld 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 MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO, (MusicWorld uses a perpetual inventory system.) Start by determining the amounts that MusicWorld should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending Inventory = Requirement 2. MusicWorld uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%. (Check your spelling carefully and do not abbreviate. Round answers to the nearest dollar) MusicWorld Income Statement Month Ended March 31, 2021 Sales Revenue Less: Cost of goods sold Car Defit MusicWorld 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 FIFO method ending Inventory = Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory under b.LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicWorld uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit, Operating expenses totaled $340, and the income tax rate was 35%(Check your spelling carefully and do not abbreviate. Round answers to the nearest dollar) Music World Income Statement Month Ended March 31, 2021 Sales Revenue Less: Cost of goods sold Gross Profit Less: Operating Expenses Income before income tax Less: Income Tax Net Income MusicWorld specializes in sound equipment. Click the icon to view the data.) Read the requirements FIFO method ending inventory = Determine the amounts that MusicWorld sho LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicWorld uses the FIFO profit. Operating expenses totaled $340, and nearest dollar.) 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: (MusicWorld uses a perpetual inventory system.) a. FIFO b. LIFO 2. MusicWorld uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35% Print Done Mu Incom Data Ta Month Endd Sales Revenue Date Item Quantity Unit Cost Sale Price Mar 1 Balance 19 S 38 Less: Cost of goods sold Gross Profit Mar 2 2 51 Purchase Sale Mar 7 7 $ 115 Less: Operating Expens Income before income ta Mar 13 Sale 4 110 Less: Income Tax Net Income Print Done

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