At the beginning of its operations in July 2020, Wheaton Pet Shop Ltd. began with 9,800 units of inventory that it purchased at a cost of $14.00 each. The company's purchases during July were as follows: July 5 7,500 units @ $17.00 Sales during July: July 2 July 27 8,400 units 5,700 units Wheaton Pet Shop uses a perpetual inventory system. Calculate the cost of goods sold for July using the weighted average cost formula. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answer to 0 decimal places, e.g. 61,052.) Cost of goods sold $ e Textbook and Media Calculate the cost of goods sold for July using the first-in, first-out cost formula. Cost of goods sold $ Which of the two inventory cost formulas results in the greater gross margin for July? cost formula results in a greater gross margin for July. The e Textbook and Media Which of the two inventory cost formulas results in the larger inventory balance at the end of July? (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Ending Inventory Weighted average $ FIFO $ cost formula results in a larger inventory balance at the end of July. The