Part 2 of 6 O Points: 0 of 1 MusicMagic net Ltd. specializes in sound equipment Because each inventory item is expensive, MusicMagic 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 MusicMagic should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted average cost 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2020, reporting gross profit. Operating expenses totalled $320, and the income tax rate was 20% 3. MusicMagic 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 that MusicMagic should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ 1,750' and the cost of goods sold is $ 1,925' Data Table - X (b) Using the weighted-average-cost method, the ending inventory is and the cost of goods sold is $ (Round interim calcul Date Item Quantity Unit Cost Sale Price November 1 Balance 15 S 95 8 Sale 11 s 155 10 Purchase 18 125 30 Sale 8 185 Print Done