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: Cost Sales April 1 75 units $44,700 Beginning inventory Purchase 3 47 units 29.234 5 Sale 30 units $32.820 11 Purchase 21 units 13,566 15 Sale 52 units 65,520 22 Sale 40 units 45,720 28 Purchase 57 units 38,532 Soft Touch uses the periodic inventory system. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: L. FIFO it. 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 1. $ $ FIFO $ $ $ $ Weighted-average e Textbook and Media elextbook and iviedla Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, eg. 61.05%.) Gross Margin Ratio % FIFO % Weighted average produces the higher gross margin ratio. e Textbook and Media