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 Apr 1 6 8 17 30 Item Balance Salo Purchase Sale Purchase Quantity 3 1 14 4 9 Unit Cost $1,000 924 924 The sale price of each guitar was $1,000 (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 Gross margin under FIFO IS Gross margin under weighted average cost is $ cost of good The moving-weighted average cost method produces a therefore a higher gross margin) because unit inventory costs are scenano While of goods sold counts the earlier inventory method uses all inventory on hand in deter Date Apr. 1 6 8 17 30 rice of each guitar was $1,6 the icon to view the cost record.) the icon to view the cost g-weighted-average-cost he gross margin for The Mu -weighted-average-cost me -weighted-average-cost me Item Balance Sale Quantity 3 FIFO Perpetual Inventory Record Apr Date Total Unit Cost $1,000 6 17 17 Quantity Unit Cost Total Cost 1 1,000 1,000 1,000 924 Print 2 2 5 Done 2,000 1,848 4,848 Gross margin under weighte X ving-weighted-averag e a higher gross mar b. While s sold carries a large inventory of guitars and other musical instruments. The store uses a ventory system. Company records indicate the following for a particular line of guitars. Unit Cost $1,000 ce of e he ico ecord he ico -weig e gros weight weight Date Apr 1 6 8 Apr. Item Balance: Sale Purchase Total Date Quantity 3 1 14 Moving-Weighted-Average Cost Perpetual Inventory Record 6 17 Quantity 1 41 924 5 Unit Cost Total Cost 1,000.00 1,000 933.50 2,000 Print 4,734 Gross margin unde Gross margin unde Done The moving-weigh