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 OD Sale 5,860 Sale 1,600 4 22 Purchase 5,000 $12.75 63,750 28 Sale 3,480 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, eg. 10.52 and final answers to decimal places, eg. 61,052) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO Weighted- average ta $ tA ii. eTextbook and Media Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin. eTextbook and Media