Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Kingbird Company uses the perpetual inventory system. (a) Your answer is correct. 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 0 decimal places, e.g. 61,052.) Calculate Kingbird Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average Which cost formula produced the higher gross margin? produces the higher gross margin. eTextbook and Media