The following information relates to Glassworks Ltd's inventory transactions during the month of July. Cost/Unit...
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The following information relates to Glassworks Ltd's inventory transactions during the month of July. Cost/Unit $12.00 $13.00 Amount $49,200 76,700 July 1 4 8 14 Beginning inventory Purchase Sale Sale Purchase Sale Units 4,100 5,900 5,800 1,600 4,920 3,660 22 $12.90 63,468 28 All of the units sold were priced at $21 per unit. (a) Glassworks Ltd. uses the perpetual 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 4 decimal places, e.g. 10.5219 and final answers to decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO $ $ TA $ $ $ ii. Weighted average
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