AP7-6B (Calculation of ending inventory and cost of goods soldperpetual system) The following information relates to Good Kitchen Ltd.'s inventory transactions during the month of March. Cost/Unit $18.00 Amount $108,000 Mar. 1 Units 6,000 4,000 2,500 Beginning inventory Sale Purchase Purchase Sale Purchase Sale $20.00 $20.00 $ 50,000 $ 16,000 16 18 800 27 2,500 4,000 3,500 $25.00 $100,000 29 All of the units sold were priced at $65 per unit. HAPTER 7 Inventory Required a. Good Kitchen Ltd. uses the perpetual inventory system. Calculate Good Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using: i. FIFO ii. weighted average. Round weighted average per unit cost to two decimal places. b. Which of the cost formulas would produce the higher gross margin