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		72 units		$42,552
3		Purchase		48 units		30,048
5		Sale		32 units				$35,008
11		Purchase		28 units		18,424
15		Sale		50 units				60,500
22		Sale		38 units				45,486
28		Purchase		50 units		33,600

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.)

				Cost of Goods Sold		Gross Margin		Ending Inventory
i.		FIFO		$		$		$
ii.		Weighted-average		$		$		$

		Gross Margin Ratio
FIFO		%
Weighted-average		%

Which cost formula produced the higher gross margin?