Mineconet La pedals in sound soment. Because each inventory hom is expensive, Music uses a perpetual invertory uyatom. Company incordo indicate the following data for a line of perkare Click the icon to view the data) Requirements 1. Determine the amounts at MusicPlace should report for cont of goods told and ending inventory in the following towy FO . Weighted average cost 2. Music Places the FIFO method. Prepare MusicPleer's income statement for the month andedne 30, 2020, reporting gross proft Operating expenses oled $270, and the income tax rate was 2014 3. Music is thinking of charging inventory costing methods from FIFO to weighted average cost. Are they allowed to make this change? Briefly explain ut tid specialises in sound equipment. Because each inventory com a expansiv, MusicPlaceuses a perpetunt inventory system. Company records indicate the following duta for a line of seker Click the icon to view the data) Requirements termine the amounts at Music Place should report for cost of goods sold and ending inventory in the following two ways: FO b. Weighted average cost 2. Mather methodPrepare MusicPle's income statement for the month onded June 30, 2020, reporting gross profit Operating expenses totalied $270, and the income tax rate was 20% 3. Music 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 Music Place 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 in s et for i Data Table of good Date Item Quantity Unit Cost Sale Price June 1 Balance.. I. 12 $ 85 8 Sale.... 3 $ 140 10 Purchase. 15 115 30 Sale.. 11 175 Print Done Clear All E5-17 (similar to) Post Las pecules in sound equcntent. Because each eventory item is expensive. MusicPlacutes a perpetual inventory system. Company receda indicate the following data for a line of speaker Chick the cent view the data Requirements 1. Bermine the amounts that MusticPlace should report for cost of goods sold and ending inventory in the following two ways b. Weighted average cost 2. Music the FIFO method. Prepare Music Places come statement for the month ended June 30, 2020, reporting gross profit. Operating expenses totalled $270. and the income tax rate was 20% 3. Music Places thinking of changing inventory conting methods from FIFO to weighdes-average cost. Are they allowed to make this change? Brilly explain FO Data Table Requirement 1. Die amounts that Music Place should report for Ung The FIFO method, the ending inventory is and the cost of 600 Hem Sale Price Date June I. 1 Balance 8 Sale 10 Purchase Quantity Unit Cost 12 $ 85 3 15 115 $ 140 30 Sale 11 175 Print Done Enter your answer in the fields and then click Check Answer 5 parte remaining Clear All 2 96 5 6 & 7 8
