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help! 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
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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 Purchase 52 units $44,326 32.136 3 5 Sale 33 units $37.950 11 Purchase 24 units 15,696 15 Sale 56 units 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: 1. FIFO 11. Weighted average (Round calculations for cost per unit to 2 decimal places, cs. 10.52. Round answers under weighted average to 2 decimal places, eg. 61,052.79) Cost of Goods Sold Gross Margin Enging Inventory FIFO $ il Weighted average Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, eg. 61.05%) Gross Margin Ratio FIFO % Weighted average produces the higher gross margin ratio Step by Step Solution
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