Soft Touch Company sells leather furniture. The following schedule relates to the companys inventory for the month of April:

						Cost		Sales
April 1		Beginning inventory		75 units		$45,450
3		Purchase		50 units		31,300
5		Sale		26 units				$28,938
11		Purchase		22 units		14,432
15		Sale		57 units				73,074
22		Sale		42 units				51,618
28		Purchase		50 units		33,700

Soft Touch uses the perpetual inventory system.

Calculate Soft Touch Companys 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.)

	COGS	GROSS MARGIN	ENDING INVENTORY
i) FIFO	$	$	$48,132
ii) Weighted-Avg	$	$	$

Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.)

		Gross Margin Ratio
FIFO		%
Weighted-average		%49.53