MusicBiz.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers: E: (Click the icon 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: b. Weighted average cost 2. MusicBiz uses the FIFO method. Prepare MusicBiz's income statement for the month ended November 30, 2020, reporting gross profit. Operating expenses totalled $300, and the income tax rate was 35%. 3. MusicBiz is thinking of changing inventory costing methods from FIFO to weighted average cost. Are they allowed to make this change? Briefly explain. a. FIFO Requirement 1. Determine the amounts that MusicBiz 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 is $ Data Table Item Sale Price Date November Quantity Unit Cost 9 $ 90 5 $ 135 1 Balance 8 Sale 10 Purchase. 30 Sale 17 125 8 160 Print Done