Points: 4.67 of 8 g 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 April 30, 2020, reporting gross profit Operating expenses totalled $260, 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 .... (b) Using the weighted average-cost method, the ending inventory is $ 1430 and the cost of goods sold is $ 1150. (Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 2. MusicBiz uses the FIFO method. Prepare MusicBiz's income statement for the month ended April 30, 2020, reporting gross profit. Operating expenses totalled $260, and the income tax rate was 35%. Begin with the heading, and then select the accounts and enter the amounts in the statement. (Round answers to the nearest dolla MusicBiz.net Ltd. Data Table Income Statement - X For the Month Ended April 30, 2020 Date Item Quantity Unit Cost Sale Price April 1 Balance 12 S 75 Sales revenue 8 Sale 8 $ 135 1020 Cost of goods sold 10 Purchase 14 120 30 Sale. 5 180 Gross profit Operating expenses 260 Income before income tax Income tax expense Print Done Net income Clear All Calculator Print 11C Light rain ^) TIL inn hare to search