The Music canes a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars Date Item Quantity Unit Cost Now 1 Balance 4 $1,000 6 Sale 2 8 Purchase 11 976 17 Sale 4 30 Purchase 6 976 Gross margin under FIFO iss Gross margin under weighted average cost is $ The moving weighted average cost method produces a cost of goo margin) because unit inventory costs are in this scenario. Wh counts the earlier inventory first, the meth determining the cost of goods sold The sale price of each guitar was $1,780 (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) (Click the icon to view the cost of goods sold calculation from the moving weighted average cost perpetual inventory record.) Required Calculate the gross margin for The Music Store under both the FIFO and the moving weighted average-cost methods. Explain why the gross margin is higher under the moving weighted average-cost method Enter your answer in each of the answer boxes javascript do Exercise Type here to search o Bi E DOLL inventory Gross margin under FIFO is $] Gross margin under weighted average-cost is s The moving weighted average cost method produces a cost of goods sold (and therefore a higher gross margin) because unit inventory costs are in this scenario. While counts the earlier inventory first, the method uses all inventory on hand in determining the cost of goods sold. record.) e-cost ost is * ENG 2:10 PM 8/18/2020 DLL F10 F11 F12 Priser Insert Delete Pgup Pgon The Music carries a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars. Date Item Quantity Unit Cost Nov. 1 Balance 4 $1,040 6 Sale 2 8 Purchase 11 976 17 Sale 4 30 Purchase 6 976 The sale price of each guitar was $1,780. (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) (Click the icon to view the cost of goods sold calculation from the moving-weighted average-cost perpetual inventory record.) Required Calculate the gross margin for The Music Store under both the FIFO and the moving-weighted-average-cost methods. Explain why the gross margin is higher under the moving-weighted average-cost method. Enter your answer in each of the answer boxes