Accounting:

The following information relates to Glassworks Ltd's inventory transactions during the month of July. Cost/Unit Amount July 1 Units Beginning inventory 4,000 Purchase 6,000 $11.90 $47,600 4 $12.40 74.400 8 Sale 6,140 14 Sale 1,520 22 Purchase 5,000 $12.65 63,250 28 Sale 3,440 All of the units sold were priced at $21 per unit. Glassworks Ltd. uses the periodic inventory system. Calculate Glassworks' cost of goods sold, gross margin, and ending inventory for the month of July using: I. FIFO ii. weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ i. FIFO $ $ ii. Weighted-average $ $ $ Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin