1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory in the following two wags:

a.Fifo

b.Weighted-average cost

2. Music biz is thinking of changing inventory costung methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain

3. If minimizing taxes is importsnt which method of payment do you recommend given the numbers, and why??

4. Music biz has borrowed funds from the bank and they require the company to maintaun a minimum current ratio of 2:1 using the numbers, woukd a change from fifo to weighted acerage have a positive or negative impacy on our current ratio for the month of June? briefly explain.

Questions Wome pretty wym Completo Date Quantity Une cost Sale Price 39 10 Purchase 11 100 FO 2 Mechanging to win the lowed to the change? Brilyan Wow.com portal with to do you remember why & funds from the link and contra manuale o 21. whom I Wreve per for the monthly explain why 1 the ting methods Determine ending Inventory and cost of goods sold MusicBiz.net Itd. Specializes in sound equipment. Because each inventory is expensize MusicBiz uses a perpetual inventory system Company Records Indicate the ff. dara for a line of speakers: SALE PRICE UNIT COST $95 Date June 1 8 10 ITEM BALANCE SALE PURCHASE QUANTITY 6 3 11 $155 100 30 SALE 5 $160