July 1 Beginning inventory 4 8 14 22 28 Purchase Sale Sale Purchase Sale Units 4,000 6,000 5,870 1,570 5,000 3,600 Cost/Unit All of the units sold were priced at $18 per unit. $11.80 $12.30 4 $12.55 Amount $47,200 73,800 62,750

Your answer is partially correct. 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, es. 10.52. Round answers under weighted-average to 2 decimal places, es. 61,052.79.) Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places eg. 61.05\\%) View Policies Show Attempt History Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Soft Touch uses the periodic inventory system