(Click the icon to view the data.) Requirements 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost 3. MusicBiz is thinking of changing inventory costing methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain. Requirement 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $ (b) Using the weighted-average-cost method, the ending inventory is and the cost of goods sold is : (Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 3. MusicBiz is thinking of changing inventory costing methods from FIFO to weighted-average cost. Are they allowed to make this change? Briefly explain. IFRS and ASPE companies to change its accounting method, which results in the providing information