Assume Time 2 Tell began January with an inventory of 31 smart watches that cost $64 each. Time 2 Tell sells them for $125 each. During January, Time 2 Tell bought and sold inventory as follows. (Click the icon to view the transactions.) The resulting journal entries are provided below. (Click the icon to view the journal entries.) Show the computation of gross margin for the FIFO and moving-weighted-average-cost methods for Time 2 Tell. First, determine the formula, and then enter the amounts to calculate gross margin under FIFO and moving-weighted average cost. (Round your answers to the nearest whole dollar.) Gross Margin Transactions FIFO Moving-weighted average cost Jan. 3 Sold 18 smart watches for $125 each. 16 Purchased 19 smart watches at $72 each. 23 Sold 14 smart watches for $125 each. Print Done Journal Entries Journal Entries X i Accounts DEBIT/CREDIT AMOUNTS Moving-Weighted- Average FIFO 2,250 2,250 2,250 1,152 1,152 1,152 1,368 1,368 2,250 1,152 Jan. 3 Accounts Receivable Sales Revenue Jan. 3 Cost of Goods Sold Inventory Jan. 16 Inventory Accounts Payable Jan. 23 Accounts Receivable Sales Revenue Jan. 23 Cost of Goods Sold Inventory 1,368 1,368 1,750 1,750 1,750 1,750 963 904 963 904 Print Done