The following information relates to Toolworks Ltd's inventory transactions during the month of October. Units Cost/Unit Amount Oct. 1 Beginning inventory 2,530 $12.30 $31,119 5 Sale 340 11 Purchase 1,200 $12.80 $15,360 13 Purchase 500 $12.30 $6.150 15 Sale 1,520 29 Purchase 2,500 $10.80 $27,000 31 Sale 3,560 All of the units sold on October 5 were priced at $23.00 per unit. 50% All of the units sold on October 5 were priced at $23.00 per unit. All of the units sold on October 15 and 31 were priced at $33.00 per unit. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO Cost of Goods Sold $ 64438 Gross Margin $ 111022 Ending Inventory $ 15191 Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, eg 10.52 and final answers to O decimal places, eg. 61,052) Cost of Goods Sold $ 64438 Gross Margin $ Ending Inventory $ eTextbook and Media Which of the cost formulas would produce the higher gross margin? The method results in the higher gross margin