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Sale The Music World carries a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars. Gross margin under FIFO is $ Date Item Quantity Unit Cost Sep. 1 Balance 5 $1,040 Gross margin under weighted-average-cost is $ 6 Sale 3 8 Purchase 14 976 The moving-weighted-average-cost method produces a cost of goods sold and therefore a higher gross 17 4 30 Purchase 9 976 margin) because unit inventory costs are in this scenario. While counts the earlier inventory first, the method uses all inventory on hand in The sale price of each guitar was $1,740. determining the cost of goods sold. E: (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) (Click the icon to view the cost of goods sold calculation from the moving-weighted average-cost perpetual inventory record.) Moving-Weighted-Average Cost Perpetual Inventory Record Required FIFO Perpetual Inventory Record Calculate the gross margin for The Music World Store under both the FIFO and the moving-weighted average-cost methods. Explain why the gross margin is higher under the moving-weighted average cost method. Date Quantity Unit Cost Total Cost Date Quantity Unit Cost Total Cost Sep 6 3 1,040.00 3,120 Sep. 6 3 1,040 3.120 17 984.00 2,080 17 2 1,040 2,080 Total 7,056 17 2 976 1,952 Enter your answer in each of the answer boxes. Total 7 7,152 Print Done 4