View Policies Current Attempt in Progress. The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cast/Unit Amount July 1 Beginning inventory 4,000 $11.90 $47,600 4 Purchase 6,000 $12.40 74,400 8 Sale 6,360 14 Sale 1,640 22 Purchase 5,000 $12.65 63,250 28 Sale 3,000 All of the units sold were priced at $20 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, eg. 10.52 and final answers to O decimal places, e.g. 61,052.) L FIFO Cost of Goods Sold Gross Margin $ $ $ ii. Weighted-average $ Ending Inventory $ (b) Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin