The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units July 1 Beginning inventory Purchase 4,000 6,000 Cost/Unit $12.00 $12.50 Amount $48,000 75,000 4 8 Sale 6,220 14 Sale 1,560 22 Purchase 5,000 $12.75 63,750 28 Sale 3,260 All of the units sold were priced at $18 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 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO Weighted- average $ $ $ ii. e Textbook and Media Question Part Score --/90 Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin