1. Calculate Toolworks cost of goods sold, gross margin, and ending inventory for the month of october using FIFO.

2. Calculate Toolworks cost of goods sold, gross margin, and ending inventory for the month of october using Weighted average.

3. Which if the cost formulas would produce the higher gross margin?

The following information relates to Toolworks Ltd's inventory transactions during the month of October. Cost/Unit $14.80 Amount $37,740 Oct. 1 5 11 Units 2,550 350 1,180 500 1,480 2,470 3,500 Beginning inventory Sale Purchase Purchase Sale Purchase Sale $15.30 $14.80 $18,054 $7,400 13 15 $13.20 $32,604 29 31 All of the units sold on October 5 were priced at $23.00 per unit. All of the units sold on October 15 and 31 were priced at $35.00 per unit. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of Goods Sold $ Gross Margin $ Ending Inventory $ Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, es 10.52 and final answers to decimal places, eg. 61,052.) Cost of Goods Sold $ Gross Margin $ Ending Inventory A Which of the cost formulas would produce the higher gross margin? The method results in the higher gross margin