The following information relates to Glassworks Ltd's inventory transactions during the month of July. July 1 4 Cost/Unit $11.90 $12.40 Amount $47,600 74,400 8 Beginning inventory Purchase Sale Sale Purchase Sale Units 4,000 6,000 6,230 1,630 5,000 3,140 14 22 28 $12.65 63,250 All of the units sold were priced at $19 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 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