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  3. 4. musicbiz.net specializes in sound equipment. be

4. MusicBiz.net specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a...

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Accounting

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4. MusicBiz.net specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Required A. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory using the FIFO method. B. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory using the LIFO method. C. Assuming MusicBiz uses the LIFO method. Prepare MusicBiz's income statement for the month ended June 30,20X5. Operating expenses totaled $320, and the income tax rate was 40%. 5. Vacation Properties began January with concession inventory of $48,000. The business made net purchases of concessions for $106,000 and had net sales of $200,000 before a fire destroyed its concession inventory. For the past several years, Vacation Properties' gross profit percentage has been 40%. Estimate the cost of the concession inventory destroyed by the fire

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