Which of the cost formulas would produce the higher gross margin? The produces the higher gross margin. FIFO Weighted average e Textbook and Media The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cost/Unit Amount July 1 4,000 $12.00 Beginning inventory Purchase $48,000 75,000 4 6,000 $12.50 00 8 Sale 5,860 14 1,600 22 Sale Purchase Sale 5,000 $12.75 63,750 28 3,480 All of the units sold were priced at $20 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 decimal places, eg. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO $ $ $ ii. Weighted-average