*********Everything outlined in red is incorrect, which all has to do with the weighted-average. I only need the boxes in red to be answered in your solution, thank you***********

Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost Sales April 1 Beginning inventory 74 units $ 43,734 3 Purchase 52 units 32,708 5 Sale 26 units $ 30,004 11 Purchase 26 units 17,004 15 Sale 62 units 79,670 22 Sale 38 units 47,386 28 Purchase 48 units 32,832 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 $ $ 76,442 i. FIFO $ 80,618 49,836 Weighted- average $ 77,419 $ ii. 79,641 $ 48,859 Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio 51.33 % FIFO 50.69 % Weighted average FIFO v produces the higher gross margin ratio