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 $12.10 $48,400 4 Purchase 6,000 $12.60 75,600 8 Sale 6,590 14 Sale 1,650 22 Purchase 5,000 $12.85 64,250 28 Sale 2,700 All of the units sold were priced at $20 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, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory 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, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO $ $ ii. Weighted average 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