Teal Mountain Company sells discounted shoes to the fashion$-$oriented consumer. The following schedule relates to the company's

inventory for the month of March:

Teal Mountain Company uses the perpetual inventory system.

$($a$)$

$$ Your answer is correct.

Calculate Teal Mountain 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$.10\mathrm{.}52$ and final answers to $0$ decimal places, e$.$g$.$

$61,052.)$

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$($b$)$

Calculate Teal Mountain Company's gross margin ratio using: $($Round answers to $2$ decimal places, e$.$g$.61\mathrm{.}05\%.)$

i$.$ FIFO

ii$.$ Weighted$-$average

Which cost formula produced the higher gross margin?

produces the higher gross margin.