Retirements 1 . Data Table .ne 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 September 30, 2020, reporting gross profit. Operating exp tax rate was 40%. 3. MusicWorld is thinking e this change? Briefly explain. X Data table Requirement 1. Determ Date Item Quantity Unit Cost Sale Price (a) Using the FIFO meth September 1 Balance .. 15 $ 85 (b) Using the weighted- 8 Sale.. 11 $ 125 calculations to two decimal pla nearest dollar.) 10 Purchase. 17 120 30 Sale. 10 180 Print DoneyerHomework.aspx?homeworkld=640728768&questionld=1&flushed=false&cld=7242877¢erwin=yes gurmeet singh 03/04/23 8:03 PM HW Score: 1.9%, 0.67 of 35 points gnment, Chapter 4 & 5 Question 1, E5-17 (similar to) Points: 0.67 of 8 Save Part 2 of 6 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: a. FIFO b. Weighted-average cost 2. MusicWorld uses the FIFO method. Prepare 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. 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 (b) Using the weighted-average-cost method, the ending inventory is $ and the cost of goods sold is $ . (Round interim calculations to two decimal places. Round final answers to the nearest dollar.)