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 $11.80 $47,200 Purchase 6,000 $12.30 73,800 8 Sale 6,090 14 Sale 1,530 22 Purchase 5,000 $12.55 62,750 28 Sale 3,340 All of the units sold were priced at $19 per unit. * Your answer is incorrect. 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 O decimal places, e.g. 61,052.) $ i. FIFO Cost of Goods Sold Gross Margin 134052 Ending Inventory 86748 $ 49698 ii. Weighted- average $ 135240 $ 85560 $ 48510 eTextbook and Media Your answer is correct. Which of the cost formulas would produce the higher gross margin? The FIFO produces the higher gross margin. eTextbook and Media