Question attachedaporepicated iti13jt1p3tij13pti3jtp13ijtp13itj13pitj13pit13jtpi13jgqeqegijpitj1p4 MusicCity 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 MusicCity should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicCity uses a perpetual inventory system.)Start by determining the amounts that MusicCity should report for cost of goods sold and ending inventory under a. FIFO.FIFO method cost of goods sold =FIFO method ending inventory =Determinie the amounts that MusicCity 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. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $250, and the income tax rate was 30%. (Round answers to thenearest dollar.)Net incomeMusicCityIncome StatementMonth Ended March 31, 2021Data tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSale-PrintQuantity19265Unit Cost Sale Price$Done4874$10693- XTime Remaining: 01:55:24 Next

Name: Question attachedaporepicated iti13jt1p3tij13pti3jtp13ijtp13itj13pitj1
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Question attachedaporepicated iti13jt1p3tij13pti3jtp13ijtp13itj13pitj13pit13jtpi13jgqeqegijpitj1p4 MusicCity specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the