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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. Gross margin under FIFO is $]. Date Item Quantity Unit Cost Jun. 1 Balance $1,080 Gross margin under weighted-average-cost is $ 6 Sale 8 Purchase OATWU 1,002 The moving-weighted-average-cost method produces a cost of goods sold (and therefore a higher gross margin) 17 Sale 30 counts the earlier Purchase 1,002 because unit inventory costs are in this scenario. While inventory first, the method uses all inventory on hand in determining the cost of goods sold. The sale price of each guitar was $1,600 (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.1 002 The movingweightedaverage-cost method produces a E cost 01 in this scenario. While |: _: method uses all inv __ Unit Cost Total Cost Unit Cost $1,080 Gross margin under weighted-average-cost is $ 1,002 The moving-weighted-average-cost method produc 1,002 because unit inventory costs are in th i Moving-Weighted-Average Cost Perpetual Inventory Record X perpetu ing-weig Date Quantity Unit Cost Total Cost Jun. 6 3 1,080.00 3,240 ving-weig 17 4 1,014.00 2,160 Total 7 7,296 Print Done