7. Pump-It, Inc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2022 were as follows: Weight Sets Unit Cost Total Cost Beginning inventory, January 1 460 $30 $13,800 Purchase, January 16 110 32 3,520 Sale, January 25 ($45 per set) 216 Purchase, February 16 105 36 3,780 Sale, February 27 ($40 per set) 307 Purchase, March 10 Sale, March 30 ($50 per set) 150 28 4,200 190 (1) Determine the amounts for ending inventory, cost of goods sold, and gross margin under FIFO cost formulas. Use the perpetual inventory system. Round amounts to the nearest dollar. ending inventory cost of goods sold gross margin 2 (30) () 2 (3) (2) Determine the amounts for ending inventory, cost of goods sold, and gross margin under Weighted average cost (calculate unit costs to the nearest cent ) Use the perpetual inventory system. Round amounts to the nearest dollar. cost of goods sold gross margin (20) ()