Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales April 1 74 units Beginning inventory Purchase Cost $43,808 29,164 3 46 units 5 Sale 31 units $33,945 11 17.030 Purchase Sale 26 units 57 units 15 69,882 22 Sale 32 units 37,664 28 Purchase 54 units 36,882 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, 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 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 % Weighted average