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 76 units $ 46,284 3 Purchase 53 units 32,648 5 Sale 29 units $30,885 11 Purchase 29 units 18,850 15 Sale 56 units 73,024 22 Sale 44 units 54,560 28 Purchase 42 units 28,518 Soft Touch uses the periodic inventory system. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: 1. FIFO li. Weighted average (Round calculations for cost per unit to 2 decimai places, eg. 10.52. Round answers under weighted-average to 2 decimal places, eg. 61,052.79.) Cost of Goods Sold Gross Margin Ending Inventory $ $ i. FIFO $ $ $ $ $ ii. Weighted average Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, eg. 61.05%-) Gross Margin Ratio % FIFO % Weighted-average produces the higher gross margin ratio