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 75 units $44,925 3 Purchase 50 units 30,950 5 Sale 27 units $29,268 11 Purchase 24 units 15,744 15 Sale 60 units 76,080 22 22 Sale 38 units 43,662 28 Purchase 45 units 30,240 Soft Touch uses the perpetual 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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052) i. FIFO $ ii. Weighted-average eTextbook and Media Cost of Goods Sold Gross Margin Ending Inventory 75875 $ 73135 $ 45984 Your answer is partially correct. 41778 $ 14627 Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO Weighted-average 53.97 % 15.52 %