Gross margin under FIFO is $ Gross margin under weighted average-cost is $ The Music World 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 Q uantity Unit Cost Balance $940 Sale 8 Purchase13864 Sale Purchase 864 Nov. 1 17 The moving-weighted average-cost method produces 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. The sale price of each guitar was $1,780 le 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.) Enter your answer in each of the answer boxes. Gross margin under weighted avera FIFO Perpetual Inventory Record st pst: he Date Quantity | Unit Cost Total Cost 6 Nov. 2 940 2,820 17|| 940 NN 1,880 1.728 864 Total 6,428 Print Done Moving-Weighted Average Cost Perpetual Inventory Recoro X Date Quantity Unit Cost Nov. 940.00 Total Cost 2,820 1,880 874.13 Total 6,317 Print Print Done one Gross margin under FIFO is $ Gross margin under weighted average-cost is $ The Music World 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 Q uantity Unit Cost Balance $940 Sale 8 Purchase13864 Sale Purchase 864 Nov. 1 17 The moving-weighted average-cost method produces 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. The sale price of each guitar was $1,780 le 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.) Enter your answer in each of the answer boxes. Gross margin under weighted avera FIFO Perpetual Inventory Record st pst: he Date Quantity | Unit Cost Total Cost 6 Nov. 2 940 2,820 17|| 940 NN 1,880 1.728 864 Total 6,428 Print Done Moving-Weighted Average Cost Perpetual Inventory Recoro X Date Quantity Unit Cost Nov. 940.00 Total Cost 2,820 1,880 874.13 Total 6,317 Print Print Done one