Assignment #3 Assignment #3 Due Friday by 11:59pm Points 100 Submitting an external tool Assignment #3 Question 5 of 6 View Policies Current Attempt in Progress The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 4,000 $11.80 $47,200 4 Purchase 6,000 $12.30 73,800 8 Sale 5,620 14 Sale 1,540 22 Purchase 5.000 $12.55 62.750 28 Sale 3,900 All of the units sold were priced at $18 per unit. 00 DU DD 80 F 888 Fa 57 - $ % 5 6 7 B 4 9 0 P E Y 20 T s Assignment #3 gnment #3 Fiday by 11:59pm Points 100 Submitting an external tool - Assignment # 3 Question 5 of 6 -/15 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, es 10.52 and final answers to decimal places, eg. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory i. FIFO $ $ 1 Weighted average $ $ e Textbook and Media Which of the cost formulas would produce the higher gross margin? 4 1 o 0 > & 7 8 9 5 0 R U T Y G K L H signment #3 Friday by 11:59pm Points 100 Submitting an external tool + Assignment #3 Question 5 of 6 > - / 15 ii. Weighted average 5 e Textbook and Media Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin e Textbook and Media Attempts: 0 of 2 used Submit Answer Save for Later Last saved 1 hour ago Saved work will be auto-submitted on the due date, So & 7 $ 4 o 00 9 5 6 0 P C R T Y J L F G H