Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost Sales April 1 Beginning inventory 75 units $44,625 3 Purchase 50 units 31,250 5 Sale 26 units $27,456 11 Purchase 25 units 16,150 15 Sale 57 units 70,566 22 Sale 42 units 52,878 28 Purchase 54 units 36,828 Soft Touch uses the perpetual 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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold $ 75875 i. FIFO Weighted- $ II. average eTextbook and Media $ Gross Margin Ending Inventory $ 52978 $ Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) FIFO Weighted-average Gross Margin Ratio % % produces the higher gross margin ratio