E6-4 Refer to Elmo's Music inventory data

E6-4 Refer to the Elmo's Music inventory data in E6-2, except assume that the store uses the moving-weighted average-cost method. Prepare Elmo's Music Store's perpetual inventory record for the guitars on the moving-weighted- average-cost basis. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 1 Applying the moving-weighted-average-cost method in a perpetual inventory system Cost of goods sold, $6,100 E6-2 Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each: Date Item Quantity Unit Cost Balance 5 May 1 $900 6 Sale 3 840 8 Purchase 10 4 17 Sale 5 840 30 Purchase Required Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmo's Music should report for ending inventory and cost of goods sold under the FIFO method