The following information relates to Toolworks Ltd's inventory transactions during the month of October. Cost/Unit $13.70 Amount $34,387 Oct. 1 5 11 Beginning inventory Sale Purchase Purchase Sale Purchase Units 2,510 350 1.210 510 1.530 2,530 3,530 $14.20 $13.70 $17,182 $6,987 13 15 29 $12.30 $31.119 31 Sale All of the units sold on October 5 were priced at $26.00 per unit. All of the units sold on October 15 and 31 were priced at $37.00 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 $ $ Gross Margin Ending Inventory $ e Textbook and Media 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 ans answers to decimal places, eg. 61,052.) Cost of Goods Sold $ $ Gross Margin Ending Inventory $ e Textbook and Media Which of the cost formulas would produce the higher gross margin? The 4 method results in the higher gross margin