Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April Cost Sales April 1 78 units Beginning inventory Purchase $47,268 32,032 3 5 Sale $36,608 52 units 32 units 27 units 54 units 11 Purchase 17,631 15 Sale 65,286 22 Sale 44 units 52,976 28 Purchase 49 units 32.781 Soft Touch uses the perpetual inventory system Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using I. FIFO il. Weighted average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, es 61,052.) 1. HIFU 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.) Cost of Goods Sold Gross Margin Ending Inventory i. FIFO $ ii. Weighted average $ $ eTextbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio % FIFO % Weighted average produces the higher gross margin ratio