Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Cost Sales 78 units April 1 3 Beginning inventory Purchase Sale $46,566 29,616 5 48 units 32 units 30 units $35,232 11 Purchase 19,770 15 Sale 55 units 70,840 44,499 22 Sale 39 units 44 units 28 Purchase 29,744 Soft Touch uses the periodic inventory system. Your answer is incorrect. 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 Ending Inventory $ $ $ i. FIFO $ $ $ ji. Weighted-average e Textbook and Media X Your answer is incorrect. Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio % FIFO % Weighted-average v produces the higher gross margin ratio. e Textbook and Media