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1.25/5 E Question 8 of 12 View Policies Show Attempt History Current Attempt in Progress 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 SO 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 Question 8 of 12 1.25/5 E Soft Touch uses the perpetual inventory system Your answer is partially correct. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: I. FIFO VL. Weighted-average (Round calculations for cost per unit to 2 decimal places, es. 10.52 and final answers to decimal places, e8.61,052) Cost of Goods Sold Gross Margin Ending Inventory S 102343 47328 46624 FIFO $ 79166 70505 $ 44333 Weighted average Question 8 of 12 1.25/5 Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, eg. 61.05%) Gross Margin Ratio FIFO 66.38 Weighted average 47.11 FIFO produces the higher gross margin ratio eTextbook and Media Save for later Attempts: 1 of 2 used Submit