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 $ 46,644 3 Purchase 54 units 33,534 5 Sale 33 units $ 34,518 11 Purchase 28 units 18,200 15 Sale 54 units 64,908 22 Sale 45 units 55,260 28 Purchase 40 units 26,600 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 $ ji. $ $ 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