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

Soft Touch uses the periodic inventory system.

X 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, e$.$g$.10\mathrm{.}52.$ Round answers under weighted$-$average to $2$ decimal places, e$.$g$.$

$61,052\mathrm{.}79.)$

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Your answer is partially correct.

Which cost formula produced the higher gross margin ratio? $($Round answers to $2$ decimal places, e$.$g$.61\mathrm{.}05\%.)$

produces the higher gross margin ratio.