Part 1 of 6 O Points: 0 of 8 Save 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 B (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 a. FIFO b. Weighted average cost 2. MusicWorld uses the FIFO method. Prepare MusicWorld's income statement for the month ended November 30, 2020, reporting gross profit. Operating expenses totalled $319, 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 Data Table 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 and the cost of goods sold is S[ Date Item Sale Price Quantity Unit Cost 12 $ 70 November 1 Balance 8 Sale 9 $ 145 10 Purchase 18 125 30 Sale 10 165 Print Done Clear All Check Answer Calculator Print 13C Cloudy ^OED ES ENG 12:48 PM 17-10-2021