B round the term into two decimals and all others in step by step

Requirements 1. Determine the amounts that Musictife should report for cost of goods sold and ending inventory in the folowing two ways: a. FIFO b. Weighted-average cost 2. Musiclife uses the FIFO method. Prepare MusicLife's income statement for the month ended September 30,2020 , reperting gross profit Operating expenses totalifed 5319 , and the income tax rate was 40%. 3. Musict ife is thinking of thanging inventory costing methods trom FiFO to woighted-average cost Are they atowed to make thls change? Brieffy explain Requirement 1. Determinit the amounts that Musicule should report for cost of goods sold and ending inventory (a) Using the Fifo method, the ending inventory is 51200 and the cost of goods sold is $660 (b) Using the weighted-average-cost mothod, the ending invemory b : and the cost of goods sold is 1 (Roued interim calculations to fwo decimal places. Round finat answers to the nearest dollar.) Data table