View Policies Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April Sales Cost $44,775 April 1 Beginning inventory 75 units 3 Purchase 55 units 34,265 5 Sale 32 units $36,960 11 Purchase 27 units 17,550 15 Sale 56 units: 70.672 22 Sale 42 units 52,458 28 Purchase 43 units 28.896 Soft Touch uses the periodic inventory system Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: LFIFO ii. Weighted average (Round calculations for cost per unit to 2 decimal places, eg. 10.52. Round answers under weighted-average to 2 decimal places, e.g. 61,052.79) Cost of Goods Sold Gross Margin Ending Inventory L FIFO H Weighted average eTextbook and Media 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. eTextbook and Media