Part 2 of 6 x Points: 0 of 1 Close MusicPlace.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicPlace 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 MusicPlace should report for cost of goods sold and ending inventory in the following two ways a. FIFO b. Weighted average cost 2. MusicPlace uses the FIFO method. Prepare MusicPlace's income statement for the month ended April 30, 2020, reporting gross profit. Operating expenses totalled $260, and the income tax rate was 25%. 3. MusicPlace 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 MusicPlace should report for cost of goods sold and ending inventory (a) Using the FIFO method, the ending inventory is $ 1,495 and the cost of goods sold is $ 1,905 (b) Using the weighted average-cost method, the ending inventory is $a and the cost of goods sold is $ (Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Data Table Date Item Quantity Unit Cost Sale Price April 1 Balance 14 s 95 8 Sale 11 $ 155 10 Purchase 18 115 30 Sale 8 175 Print Done Check Answer Help Me Solve This Calculator Get More Help ENG 13C Light rain F 01:59 PM 17-10-2021 RI EE