The following information relates to Glassworks Ltd's inventory transactions during the month of July. July 1 Beginning inventory Purchase Units Cost/Unit Amount 4.000 $11.80 $47,200 6,000 $12.30 73,800 4 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. 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 decimal places, eg. 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