MusicWorld.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicWorld uses a perpetual inventory system. Company records indicate the following data for a line of speakers ( Click the icon to view the data.) Requirements 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory in the following two ways: b . Weighted-average cost 2. MusicWorld uses the FIFO methodPrepare MusicWorld's income statement for the month ended September 30, 2020, reporting gross profit. Operating expenses totalled $310, and the income tax rate was 40%. 3. MusicWorld 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 MusicWorld should report for cost of goods sold and ending inventory. ( a) Using the FIFO method, the ending inventory is $ 1320 and the cost of goods sold is $ 1995 and the cost of goods sold is $ ( Round interim calculations to two decimal places. Round final answers to the (b) Using the weighted-average-cost method, the ending inventory is nearest dollar .)

Whirements Data Table he amounts that MusicWorld should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost tax rate was 40%. e this change? Briefly explain. Data table b) Using the weighted