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 73 units $43,654 3 6 Purchase 49 units 30,233 5 Sale 33 units $37,554 11 Purchase 27 units 17,577 Sale 53 units 63,282 22 Sale 36 units 41,256 28 Purchase 51 units 34,374 Soft Touch uses the periodic inventory system. Your answer is correct. 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. Round answers under weighted-average to 2 decimal places, e.g. 61.052.79) Cost of Goods Sold Gross Margin $ i. 73,887 $ Ending Inventory 68,205 $ FIFO 51,951 Weighted- $ 76,761.18 $ ii. 65,330.82 $ average 49.076.82 eTextbook and Media Your answer is partially correct. Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, eg. 61.05%) Gross Margin Ratio FIFO Weighted-average FIFO eTextbook and Media 54.20 % 51.92 % produces the higher gross margin ratio. Assistance Used