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Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: April 1 Beginning inventory 76 units $45,600 3 Purchase 50 units 31,650 5 Sale 28 units $30,296 11 Purchase 25 units 16.150 15 Sale 55 units 70,510 22 Sale 43 units 54,008 28 Purchase 49 units 33.222 Soft Touch uses the periodic inventory system. Calculate Soft Touch Company's cost of goods sold. gross margin, and ending inventory using: 1. FIFO 1. Weighted average (Round calculations for cost per unit to 2 decimal places. e. 10.52. Round answers under weighted average to 2 decimal places, es 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, eg. 10.52. Round answers under weighted average to 2 decimal places, eg. 61,052.79.) Cost of Gooch sald Gross Margin Ending Inventory $ $ $ 1. FIFO $ $ ii. Weighted average eTextbook and Media --/70 Question Part Score Question Part Score Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, eg. 61.05%) Gross Martin Ratio FIFO % % Weighted average produces the higher gross margin ratio