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 78 units $ 46,566 3 Purchase 48 units 29.616 5 Sale 32 units $ 35,232 11 Purchase 30 units 19,770 15 Sale 55 units 70.840 22 Sale 39 units 44,499 28 Purchase 44 units 29.744 Soft Touch uses the periodic inventory system. Your answer is partially 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 Ending Inventory $ 76182 $ 74569 $ 49514 i. FIFO $ 77419 $ 73332 ii. $ 48277 Weighted average e Textbook and Media Your answer is partially correct. Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO 49.46 % 48.64 % Weighted-average FIFO produces the higher gross margin ratio