Gross margin under FIFO is The Music World cames a large inventory of quitars and other musical instruments. The store uses a perpetual Inventory system Company records indicate the following for a particular line of guitars Date Item Quantity Unit Cost Apr 1 Balance $1,000 6 Sale 1 8 Purchase 10 922 Sale 4 30 Purchase 5 922 The sale price of each guitar was $1.680 HE (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) (Click the icon to view the cost of goods sold calculation from the moving-weighted-average cost perpetual inventory record.) Required Calculate the gross margin for The Music World Store under both the FIFO and the moving-weighted average cost methods Explain why the gross margin is higher under the moving weighted average cost method FIFO Perpetual Inventory Record Moving-Weighted Average Cost Perpetual Inventory Reo X Date Apr 0 17 Date ADE Quantity Unit Cost Total Cout 1 1.000 1000 2 1.000 2,000 2 1844 5 4344 Quantity Unt Cost Total Cott 1 000.00 1000 17 935 00 2.000 5 4740 Total Total Print Done Print Done