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		6,440
14		Sale		1,530
22		Purchase		5,000		$ 12.75		63,750
28		Sale		3,010

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
ii.		Weighted-average

Which of the cost formulas would produce the higher gross margin?