+ Chapter 7 Assignment Question 14 of 15 0/1 At the beginning of its operations in July 2020. Wheaton Pet Shop Ltd, began with 8,800 units of inventory that it purchased at a cost of $16.00 each. The company's purchases during July were as follows: July 5 7.500 units @ $19.00 Sales during July July 2 8,200 units July 27 4,700 units Wheaton Pet Shop uses a perpetual inventory system, (a) Your answer is incorrect. Calculate the cost of goods sold for July using the weighted average cost formula. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answer to 0 decimal places, e.g. 61,052.) Calculate the cost of goods sold for July using the weighted average cost formula. (Round calculations for cost per unit to 2 decimal places, eg, 10.52 and final answer to decimal places, eg. 61,052.) Cost of goods sold eTextbook and Media Calculate the cost of goods sold for July using the first-in, first-out cost formula, Cost of goods sold Which of the two inventory cost formulas results in the greater gross margin for July? The cost formula results in a greater gross margin for July. FIFO Weighted average Which of the two inventory cost formulas results in the larger Inventory balance at the end of July? (Round calculations for cost per unit to 2 decimal places, eg, 10.52 and final answers to decimal places, es. 61,052) Ending Inventory Weighted average 5 FIFO The cost formula results in a larger inventory balance at the end of July e Textbook and Media