Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,780 units $111,510 7 Purchase 1,260 units 50,400 8 Purchase 1,890 units 94,500 15 Sale 4,410 units $396,900 20 20 27 Sale 882 units 66,150 25 Purchase 630 units 18,774 27 Sale 1,512 units 90,720 Kingbird Company uses the perpetual inventory system. Calculate Kingbird 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 and final answers to O decimal places, e.g. 61,052) 1. FIFO ii. Weighted-average $ Cost of Goods Sold Gross Margin $ $ Ending Inventory Calculate Kingbird Company's gross margin ratio using: (Round answers to 2 decimal places, eg. 61.05%) i. FIFO ii. Weighted-average FIFO Weighted average Gross Margin Ratio 96 96 Which cost formula produced the higher gross margin? produces the higher gross margin.