Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales April 1 3 5 Cost $43,632 30,048 $36,380 11 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 72 units 48 units 34 units 28 units 46 units 40 units 54 units 18,060 15 59,984 48,200 22 28 36,936 Soft Touch uses the perpetual inventory system. (a) 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 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ $ $ i. FIFO Weighted- average $ $ $ ii. 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