The following information relates to Glassworks Ltd's inventory transactions during the month of July. July 1 4 Cost/Unit $11.70 $12.20 Amount $46,800 73,200 4 8 Beginning inventory Purchase Sale Sale Purchase Sale Units 4.000 6.000 5,720 1,420 5.000 3.820 14 22 $12.45 62,250 28 All of the units sold were priced at $21 per unit. (a) 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