Calculate Metlock Company's gross margin ratio using: $($Round answers to $2$ decimal places, e$.$g$.61\mathrm{.}05\%.)$

i$.$ FIFO

ii$.$ Weighted$-$average

Which cost formula produced the higher gross margin ratio?

produces the higher gross margin ratio.Metlock Company sells discounted shoes to the fashion$-$oriented consumer. The following schedule relates to the company's

inventory for the month of March:

Metlock Company uses the periodic inventory system.

$($a$)$

Calculate Metlock Company's cost of goods sold, gross margin, and ending inventory using:

i$.$ FIFO

ii$.$ Weighted$-$average $($Round calculations for cost per unit to $2$ decimal places, e$.$g$.10\mathrm{.}52.)$