Creative Kans carries a large invertory of guitars and other musical instruments. The store uses a perpetual inventary system Company records indicate the following for a particular line of guitars. Date Nov 1 Balance 5 Quantity Unit Cost 5540 Sale . Purchase 12 874 17 Sale 4 30 Purcha 7 374 The sale price of sach guitar was $1.600 Click the icon to view the cost of goods sold calculation from the FO perpetual inventory record) Click the loon to view the cost of goods sold calculation from the moving-weighted average-cost perpetual inventory cord Required Catulate the gras margin tar Creative Kass Store ander both the FO and the moving-weighted average cost dage-cast method mohods Explain why the gross margin is higher under the moving Gross margin under FIFO Gross margin under weighted-average-castin The meving weighted average-cost method produces a margin) because unt inventory costs are counts the earlier inventory fit the determining the cost of goods sold cost of goods sold (and therefore a higher gross in this scenario While method usas al inventory on hand in struments. The store uses a perpetual ar line of guitars. Unit Cost $940 Gross margin under FIFO is $ Gross margin under weighted-average-cost is 874 FIFO Perpetual Inventory Record 874 - Xst method p sts are he m the FIFO Date Quantity Unit Cost Total Cost d. Nov. 6 3 940 2,820 m the movi 17 2 940 1,880 2 1,748 17 874 FIFO and the weighted-aver Total 7 6,448 Print Done struments. The store uses a perpetual lar line of guitars. Unit Cost $940 Gross margin under FIFO is $ Gross margin under weighted-avera Moving-Weighted-Average Cost Perpetual Inventory Record X m the Date Quantity Unit Cost Total Cost m the Nov. 6 3 940.00 2,820 4 17 883.43 1,880 Total 7 6,354 FO a eight Print Done