Gross margin under FIFO is $ ni Gross margin under weighted-average-cost is $ The Wonderful World of 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 5 $1,060 6 Sale 3 8 Purchase 10 992 17 Sale 4 30 Purchase 5 992 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 V counts the cis an method uses all earlier inventory first, the inventory on hand in determining the cost of goods sold. The sale price of each guitar was $1,740. B (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) E (Click the icon to view the cost of goods sold calculation from the moving-weighted average-cost perpetual inventory record.) x Moving-Weighted-Average Cost Perpetual Inventory haecord Required Calculate the gross margin for The Wonderful World of 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 KEI TEO Date Quantity Unit Cost Total Cost i FIFO Perpetual Inventory Record Nov 6 3 1,060.00 3,180 2,120 4 17 1,003.33 Ket Total 7 Date 7,193 Quantity Unit Cost Total Cost Nov 6 1060 3 180 17 Print N N 0 Done 2.120 1,060 Enter your answer in each 992 1.984 17