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 $11.70 $46,800 4 Purchase 6,000 $12.20 73,200 8 Sale 6,090 14 Sale 1,640 22 Purchase 5,000 $12.45 62,250 28 Sale 3,330 All of the units sold were priced at $19 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 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory i. FIFO $ $ $ ii. Weighted average $ $ $ Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin