July 1 Beginning inventory 4 8 14 22 28 Purchase Sale Sale Purchase Sale Units 4,000 6,000 5,870 1,570 5,000 3,600 Cost/Unit All of the units sold were priced at $18 per unit. $11.80 $12.30 4 $12.55 Amount $47,200 73,800 62,750

The following information relates to Glassworks Ltd's inventory transactions during the month of July. All of the units sold were priced at \\( \\$ 18 \\) 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, eg. 10.52 and final answers to 0 decimal places, eg. 61,052.) eTextbook and Media Which of the cost formulas would produce the higher gross margin