Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales April 1 3 Beginning inventory Purchase Cost $44,178 29,026 74 units 46 units 27 units 28 units 5 Sale $29,592 11 18,200 Purchase Sale 15 57 units 36 units 68,001 43,128 22 Sale 28 Purchase 52 units 34,788 Soft Touch uses the periodic 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, eg. 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 Weighted- average $ $ ii. e Textbook and Media 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 produces the higher gross margin ratio