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 $ 12.00 $ 48,000 4 Purchase 6,000 $ 12.50 75,000 8 Sale 6,590 14 Sale 1,410 22 Purchase 5,000 $ 12.75 63,750 28 Sale 2,960 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 $ $ $ i. FIFO $ ta 136350 $ 83650 50400 ii. Weighted-average e Textbook and Media Which of the cost formulas would produce the higher gross margin? The FIFO produces the higher gross margin