The following information relates to Cratebarrels Ltd.'s inventory transactions during the month of May.

		Units	Cost/Unit	Amount
May 1	Beginning inventory	4,200	$12.00	$50,400
4	Purchase	5,800	$ 12.50	$72,500
8	Sale	5,800
14	Sale	1,400
22	Purchase	5,320	$12.70	67,564
28	Sale	3,870

All of the units sold were priced at $21 per unit.

Cratebarrel uses the perpetual inventory system. Calculate Cratebarrel's cost of goods sold, gross margin, and ending inventory for the month of May using:

i FIFO

ii weighted average ( round calculations for cost per unit to 4 decimal places and final answers to 0 decimal places.

	Cost of goods sold	Gross margin	Ending inventory
I FIFO	$	$	$
ii Weighted average	$	$	$

b) which of the cost formulas would produce the higher gross margin