Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost Sales April 1 74 units Beginning inventory Purchase $44,326 32,136 3 5 Sale $37,950 52 units 33 units 24 units 56 units 11 Purchase 15,696 15 Sale 69,664 22 Sale 37 units 45,251 28 Purchase 50 units 33,850 Soft Touch uses the periodic inventory system. Calculate Soft Touch 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. 10.52. Round answers under weighted-average to 2 decimal places, e.g. 61,052.79.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO Weighted- average $ $ $ ii. e Textbook and Media Question Part Score --/70 Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio % FIFO % Weighted average produces the higher gross margin ratio