MusicLife.net specializes in sound equipment. Because each inventory item is expensive, MusicLife uses a perpetual inventory system. Company records indicate the following data for a line of speakers:_x0001_Requirements1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways:a. FIFOb. LIFO2. MusicLife uses the FIFO method. Prepare MusicLife’s income statement for the month ended April 30, 2010, reporting gross profit. Operating expenses totaled $340, and the income tax rate was30%.