the purchases and sales Required Requirement 1. Assuming King Auto Supplies uses the perpetual inventory system calate the cost of goods sold during March using the moving avenge.comthod and F Begin with (a) the moving weighted average-cost perpetual inventory record. (Roundunt to the nearest cent. Round total the newest whole dollar. When calling Inventory on hand use the techniques outlined in the text. Rounding issues wil ou if alternate methods are used) Purchase Unit Cost Total Cost Cost of Goods Sold Unit Total OTY Cart) Cost OTY Transactions Date Most Mars 72 8 578 Inventory on Hand Unit Total OTY Cost C 12 672 84 7.71 548 32 7.71 205.72 59 8.78 510.72 10.10 1638.72 10.10 34612 34 346.12 Un Sale Price 52 Mar. 10 Una 42 6 400.0 Mar 27 10 270 1 Begini 3 Pun Sale 72 B 102 11 1122 52 5 17 14 Puth 27 Mar. 20 Mar 26 Totais 10 10.101292.86 160318 20 Purchase 1068 102 11 201 127 17 Now complete (b) the FIFO perpetual invertory record. Enter the oldest inventory layer fort) Print Done Purchase Cost of Goods Sold Enter any number in the fields and then continue to the next question BOOK 27 10 270 Mar. 26 GB 11 748 34 11 374 Ending 201 1968 179 1666 34 374 Requirement 2. Now assume King Auto Supplies uses the periodic inventory system. Calculate the cost of goods sold during March using (a) the weighted average cost method and (b) FIFO. (Round Interim calculations to two decimal places. Round your final answer to the nearest whole dollar) (a) The cost of goods sold under the weighted average-cost method is 1893.78 (b) The cost of goods sold under the FIFO method is 1666 (c) Calculate gross margin for both methods. Which is higher? The gross margin under the weighted average cont method is The gross margin under the FIFO method is. FIFO provides a gross margin because the inventory costs were during this period Requirement. What do you notice when you compare the FIFO results from requirement and requirement? When using FIFO, the cost of goods sold and ending inventory values under the periodic inventory system are both higher than for the perpetual inventory system Enter any number in the edit fields and then continue to the next question MacBook Air