Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales April 1 3 Cost $46,566 32,754 5 $36,096 11 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 78 units 53 units 32 units 26 units 59 units 40 units 43 units 16,744 15 76,169 48,480 22 28 29,326 Soft Touch uses the periodic inventory system. 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. Round answers under weighted average to 2 decimal places, eg. 61,052.79.) Cost of Goods Sold Gross Margin Ending Inventory $ $ i. FIFO Weighted- average $ $ $ ii. e Textbook and Media Question Part Score --/70 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