Music Bu net lid specialtres in sound equipment Because each inventory them is expensive, MusicBiz uses a perpetual inventory system Company records indicate the following data for a line of speakers Click the bon 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 2. Music uses the FIFO method. Prepare MusicB's income statement for the month anded June 30, 2020, reporting gross prot Operating expenses totalled 5319. and the income tax rate was 25% 3. Music is thinking of changing inventory costing methods from FIFO to weighted average contro thay allowed to make this change? Bely explain Requirement 1. Determine the amounts that Muscle should report for cost of goods sold and ending inventory Using the FIFO method, the ending inventory is $.nd the cost of goods sold s0 Data Table - X Date June Sale Price Quantity Unit Cost 6 $ 95 3 $ 1 Bilance 8 Sale 10 Purchase 30 Sale 155 11 100 5 160 Enter your answer in the edit neds and then click Check Answer Print Done