Burnley, Understanding Financial Accounting, Second Canadian Edition Time: 11:09 PM / Remaining: 114 min. Application Problem 7-2A a-b Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales Cost $42,768 29,712 $30,483 April 1 3 5 11 15 22 28 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 72 units 48 units 27 units 24 units 56 units 37 units 48 units 15,480 67,312 42,624 32,736 Soft Touch uses the perpetual Inventory system. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using 1. FIFO II. Weighted average (Round calculations for cost per unit to 2 decimal places, e.9. 10.52 and final answers to o decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory I. FIFO il. Weighted average Which cost formula produced the higher gross margin? (Round answers to 2 decimal places... 51.059.) Gross Margin Ratio FIFO Weighted average o produces the higher gross margin ratio