Soft Touch Company sells leather furniture. The following schedule relates to the companys inventory for the month of April:

						Cost		Sales
April 1		Beginning inventory		78 units		$46,566
3		Purchase		53 units		32,754
5		Sale		32 units				$36,096
11		Purchase		26 units		16,744
15		Sale		59 units				76,169
22		Sale		40 units				48,480
28		Purchase		43 units		29,326

Soft Touch uses the periodic inventory system.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Calculate Soft Touch Companys 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
i.		FIFO		$Enter a dollar amount.		$Enter a dollar amount.		$Enter a dollar amount.
ii.		Weighted-average		$Enter a dollar amount rounded to 2 decimal places.		$Enter a dollar amount rounded to 2 decimal places.		$Enter a dollar amount rounded to 2 decimal places.

Question Part Score

35/70

Partially correct answer iconYour 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		Enter percentages rounded to 2 decimal places. %
Weighted-average		Enter percentages rounded to 2 decimal places. %