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 $45,225 3 Purchase 50 units 31,650 5 Sale 26 units $29,848 11 Purchase 24 units 15,528 15 Sale 55 units 69,575 22 Sale 44 units 50,248 28 Purchase 46 units 31,096 Soft Touch uses the perpetual 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 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ i. $ $ $ FIFO $ $ $ ii. Weighted average e Textbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio % FIFO % Weighted average produces the higher gross margin ratio